Putin Envisions Eurasian Energy Market

Putin Envisions Eurasian Energy Market

A common market for oil and gas will be on the agenda of Russian President Vladimir Putin during talks scheduled before a regional summit in Kazakhstan, the Kremlin said. According to Kremlin's Press Office, Putin will roll oil and natural gas into a broad agenda for a multilateral trade plan that includes deep integration in the form of a common energy market. Yuri Uhsakov, a presidential aide, said a common oil and gas market could come into force by 2025, UPI reported. Under the European Union's scheme, a common energy market ensures secure and reliable sources of energy at a time when prices are controlled by a market that offers consumers little choice. With more than 182 million customers, the Eurasian Economic Union, of which Russia and Kazakhstan are members, is the largest trade group of its kind. Russia's energy focus has moved toward the east as the regional economies outpace those in Europe. Kazakhstan hosts the Kashagan Oilfield with an estimated oil reserve of 16 billion barrels.


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