VINACHEM

There is a need to create a common energy strategy for BRICS, Russian Energy Minister Sergei Tsivilev said on Thursday.

"In the long term, dear colleagues, I consider it very important to create a common energy strategy for BRICS," Tsivilev said at a meeting with BRICS energy ministers on the sidelines of the Russian Energy Week international forum.

The minister emphasized that the BRICS countries "play a crucial role in the global energy agenda" and hold leading positions in both conventional and renewable energy.

According to Tsivilev, the BRICS countries dominate the global coal market - with a share of about three quarters of global production and consumption. The share of natural gas production and consumption is about 40% of the world total.

With the expansion of the association this year, the role of the BRICS in the global oil market has also increased significantly: the BRICS countries account for more than 40% of global oil production and about 40% of global consumption of oil products, he concluded.  – Source: Sputnik –