G20 plans for new energy body to sit above OPEC

A central part of the plan has the backing of Saudi Arabia and Russia

OPEC is due to meet on 27th of November to discuss the prices of oil and output.
OPEC is due to meet on 27th of November to discuss the prices of oil and output.

Leaders at the G20 Summit are seeking to introduce a new global energy body that will sit above OPEC (Organisation of Petroleum Exporting Countries) and the IAE (Internatinal Atomic Agency), an Australian newspaper reported on Sunday.

The central part of the plan - to set up an organisaiton that sits above OPEC and IAE - has seen Saudi Arabia's and Russia's approval, according to media reprots.

On a broader scale, the discussions for a new energy body have been seen as an attempt by the world leaders to lay the foundations for a new global energy trade regime to help ensure open markets and prevent oil and gas supplies being used as tools of foreign policy.

The G20 agreement is expected to include commitments on security of energy supply, embargoes of any sort, and transparency of pricing.

The talks on energy security have not been concluded and could be influenced by the growing ­debate over climate change.

Limits on the use of energy subsidies and commitments to ­energy efficiency are also likely to form part of the agreement.

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