Latest News:  
Beijing   Overcast/Cloudy    2 / -6   City Forecast

People's Daily Online>>Foreign Affairs

Proposal for global energy oversight

By Hu Yinan  (China Daily)

08:07, January 17, 2012

Sheikh Mohammed bin Rashid Al Maktoum, vice-president and prime minister of the United Arab Emirates and ruler of Dubai, welcomes Premier Wen Jiabao at Abu Dhabi airport on Monday. (Xinhua/Li Tao)

ABU DHABI - A global governance mechanism for energy under the G20 framework to stabilize oil and natural gas markets was proposed by Premier Wen Jiabao on Monday as he addressed a key Middle East-based forum for renewable energy.

The proposed mechanism should incorporate suppliers, consumers and transit countries to draft "fair, reasonable and binding" global rules, Wen told the Fifth World Future Energy Summit.

"Quite obviously, resolving future energy issues will have to take into account not only economic and technological factors, but political and global factors as well," Wen said, adding that all nations should take joint action to "reduce the frustration and inequalities that result from problems in energy resources".

Wen's remarks were made as potential disruptions to existing flows of oil and gas loom large.

Iran warned Gulf states on Sunday not to make up for shortfalls in its oil exports under prospective US and European Union sanctions. Teheran, Beijing's third-largest oil supplier after Saudi Arabia and Angola, has threatened to shut down the world's most vital oil transit channel, the Strait of Hormuz.

Wen's suggestion clearly takes into account shifts in the Middle East for the global energy market, said Shen Yamei, a researcher with the China Institute of International Studies.

The proposal reflects the need for the international community to work together to achieve sustainable growth, Shen said.

【1】 【2】


Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese pandas arrive in Paris

  2. In love with luxury amid global gloom

  3. Volunteers clear traps for endangered Siberian tigers in NE China

  4. Danish people celebrate Queen Margrethe II's 40 years on the throne

Most Popular


  1. In love with luxury amid global gloom
  2. China should take fight to US over Iran
  3. How will HK go through economic difficulties in 2012
  4. US dollar is just a dirty shirt
  5. Factors affecting world economy in 2012
  6. Why Russia's aircraft carrier visits Syrian port
  7. Central grain reserves turn into 'market stabilizer'
  8. A priority for Asia-Pacific shift
  9. Will US decline soon?
  10. High-level visits can boost Sino-US ties

What's happening in China

Olympic venues could be 'white elephants' without more revenue

  1. Beijing strives to bring home prices down
  2. Having the bottle to invest in red wine
  3. Legislator seeks ban on Moutai at official banquets
  4. Bad weather hampers Spring Festival Travel Rush
  5. Formula worries resurface after baby boy dies

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance