'Key Player': IEA Exec. Underlines Russia's Unabated Energy Clout in Europe

Russia will remain the most important player in the energy market in Europe, according to International Energy Agency executive director Fatih Birol.

Fatih Birol, the executive director of the International Energy Agency, was quoted by RIA Novosti as saying that Russia will remain the most important player in the energy market in Europe.

He was speaking on the sidelines of the G-20 summit, which opened in the Turkish resort city of Antalya earlier on Sunday.

"Russia will continue to be a key player on the European energy market", Birol pointed out.

Here are the break-even oil prices for 13 of the world's biggest producers https://t.co/CVa0QtbjpV

— اجنبی دوست (@StrangerBuddy) 14 ноября 2015

The statement came amid EU efforts to implement the European Energy Union project, which specifically aims to reduce the EU's dependence on Russian energy.

MARKET WATCH: #Oilprices fall as @IEA projects world #oil demand growth to slow https://t.co/qj2Z1Rz6mA #marketwatch pic.twitter.com/SVHXggTbJX

— Oil & Gas Journal (@OGJOnline) 13 ноября 2015

Earlier, Birol said that for the first time in 30 years, investments in the world oil industry will plummet in the next two years; the decline will amount to more than twenty percent in 2015 and continue in 2016.

According to him, the Middle East will be of paramount importance to the global oil market in the coming decades.

He said that if world crude prices remain very low, oil production in North America, Brazil, Africa and Russia could be reduced.

As a result, the share of oil exports from the Middle East will increase from 55 percent of all global oil exports to 75 percent.