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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.

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