President Vladimir Putin called on Monday for a bigger role for the BRICS bloc on world’s energy markets as Russia seeks ways to counter Western influence.
Russia, which is the world’s second largest oil exporter and has the biggest reserves of natural gas, hosts annual Energy Week International Forum later this week and it is expected to hold a meeting of BRICS’ energy ministers.
“It is obvious that in the new geopolitical realities, cooperation in the energy sector should serve to strengthen national economies, help solve priority social problems, and improve people’s quality of life,” Putin said in a letter to the forum’s participants and guests.
“It is crucial to agree on common principles for our countries in the just energy transition, and outline ways to strengthen the role of BRICS in the global energy dialog,” he said about the forthcoming meeting of BRICS energy ministers.
In the past, the forum was also attended by delegates from Saudi Arabia, the world’s largest oil exporter. The Saudi energy ministry did not immediately reply to a question about whether or not Energy Minister Prince Abdulaziz bin Salman would attend the event.
Putin’s spokesman Dmitry Peskov said last week that the Kremlin would update on the forum’s participants “in due course.”
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.
BRICS has been expanded as countries, including Egypt, Iran, United Arab Emirates joined.
After the BRICS expansion, the alliance accounts for 42 per cent of the global oil and gas reserves.
Saudi Arabia has not yet officially joined the BRICS, however, Russian Foreign Minister Sergei Lavrov has said that Russia had invited Saudi Crown Prince, Mohammed Bin Salman, to attend a BRICS summit in the city of Kazan next month.