IEA, Moscow sign electricity agreement

An agreement between the IEA and Russia in the electricity sector should help ensure Russian markets are transparent, a director said. International Energy Agency Executive Director Maria van der Hoeven signed a memorandum of understanding with officials at Russia's Energy Forecasting Agency to share data and best practices in the electricity sector. The program would give both sides an opportunity to share information on efficiency, renewable energy and clean-coal production under the terms of a 3-year deal. "This should help enhance the exchange of information and raise transparency of Russian electricity markets," van der Hoeven said in a statement. In terms of Russian oil, the IEA found that sanctions against Iran have led to an increase in demand for the Russian Urals blend, which is similar to Iranian crude oil. A series of sanctions against Iran go into full force in the coming days, meaning Iranian crude oil on the international market should decline. The IEA, in its report for June, said trends in Russian crude exports "could continue for the foreseeable future."