The lessons of the energy crisis following Russia’s invasion of Ukraine have not been fully learned, the International Energy Agency has said.
More than 60 global leaders will arrive in London for a two-day summit for discussions on energy security to ensure resilient supplies in the global market.
Sir Keir Starmer will host the President of the European Commission, Ursula von der Leyen, as well as ministers from the US, Japan, France, Germany and India. Dozens of heads of energy companies will also attend the discussions.
Referring to the crisis caused by the loss of Russian pipeline gas from Europe and the rush to source alternative supplies of energy, Fatih Birol, the head of the IEA, said he thought the “lessons from Ukraine have not yet been fully understood”.
There are "three golden rules" for energy security according to Mr Birol, which include a diversification of energy supplies, enough political predictability that allows companies to make long-term investments, and global co-operations.
Birol said the trade war had caused “uncertainty which will affect demand for oil and gas for some time to come”.
Read more in the Financial Times.
FTSE 100
The UK's flagship share index, the FTSE 100, was down six-points at 8,269 shortly after opening this morning.
Brent crude oil futures were up 0.63%, trading at $66.90 a barrel.
Companies reporting today
Baker Hughes* - Q1 Results
Tesla* - Q1 Results
Verizon Communications* - Q1 Results