Russian Vladimir Putin talks over energy and geopolitics

6:35 am: IEA’s Birol says rising energy prices must not derail the climate policy

the chief executive of the International Energy Agency told CNBC on Wednesday that rising energy prices should not derail the urgency need considerable reduce global fossil fuel use.

“High prices in coal, of gas, of in oil, they have nothing to do with the clean energy transition,” said Fatih Birol. “I see some say you’re trying to portray this current situation like the first crisis of the transition to clean energy – which is not right.”

He added“If they are not properly addressed by the governments and others… real facts are not sent to the public, it can be an important barrier for further climate policy action.”

His comments come just weeks ahead of a milestone international climate summit die is being held in Glasgow, Scotland.

— Sam Meredith

6:05 am: Russia hits new record for daily Covid deaths as infections rise, vaccination delay

5:45 am: Russia says gas deliveries to Europe are up maximum levels, any increase to be agreed upon with Gazprom

Kremlin spokesman Dmitry Peskov on On Wednesday, Russia said it would supply gas to Europe at maximum levels under existing contracts, according to the TASS news bureau.

Any possible increase in would deliver need must be negotiated via Russian energy giant Gazprom, die state-owned, Peskov said, adding that Moscow stands ready to increase gas transit through Ukraine if the European Union buys more.

“We can say that Russia flawlessly fulfills all contractual obligations below the top bar, that is, to the possible maximum, all volumes of stocks have increased in the light of the existing contracts and agreements,” Peskov said, TASS reported.

— Sam Meredith

5:50 am: Putin gives opening speech at Russian Energy Week

Russian President Vladimir Putin on Wednesday is scheduled to deliver a speech in the plenary session session of the Russian Energy Week international forum in Moscow.

His opening remarks are moving forward of a CNBC moderated panel on global energy, where Putin will be joined by means of BP CEO Bernard Looney, TotalEnergies CEO Patrick Pouyanne, ExxonMobil CEO Darren Woods and Daimler CEO Ola Kallenius.

CNBC’s Hadley Gamble is set to welcome the business leaders to the podium around 1:00 PM Moscow time (6:00 AM ET), with Putin expected to speak for about 15 minutes afterwards.

— Sam Meredith

Read More: World News

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