MOSCOW — Even the terrorist attack in London has not distracted the G8 leaders from discussing the key problem of global economics. It is the stable provision of oil to global markets and ways to prevent the skyrocketing oil prices from threatening economic growth.

It became clear shortly before the summit that the energy problem would be the main issue on its agenda. In mid-June, U.S. President George W. Bush said that he would speak at the summit about cutting global demand for oil, in particular in Asia whose oil requirements are one of the reasons for the current high oil prices.

The American president said that only 35% of oil refined in the U.S. was produced in the country and the rest came from states most of which are not politically stable.

Russia will hold the pride of place at the energy discussions in Gleneagles Hotel in Perthshire, Scotland. Experts agree that the Kremlin's Western partners want it above all to ensure stable energy deliveries to the global market, primarily the U.S.

"The term 'energy safety,' which is becoming increasingly fashionable, actually means protecting the safety of the American market from oil import shortages," said Mikhail Khazin, the president of the Neocon consulting company. Hence the growing concern of Western partners over the construction of the oil pipeline to Murmansk, designed to deliver oil to the U.S. Europe, which also wants more of Russian energy resources, is advocating a quicker construction of the North European Gas Pipeline for deliveries to Germany and Britain.

The Western leaders, above all the U.S. administration, have mostly a negative attitude to the Far Eastern oil pipeline. The Americans do not want East Siberian oil to be delivered to China alone, as proved by the above statement by George Bush that oil consumption is growing mostly because of Asian countries, meaning China and India.

The Russian leaders knew that the energy problem would be discussed at the summit and prepared for it. President Vladimir Putin said at today's debates on sustainable economic development that Russia would do its best to ensure stable energy deliveries.

A source on the Russian delegation said Putin told his partners about Russia's energy projects. He said that Russia produced 470 million tons of oil a year and much of it was exported. He also said that Russia would develop the transport infrastructure to ensure energy deliveries to the partners.

The president spoke in detail about the oil pipeline in the Far East and the one from Siberia to the White Sea, which would facilitate oil deliveries to the U.S., as well as the transport route to Novorossiisk and the Baltic Transport System.

The constructive tone assumed by Russian delegates at the debates on the delicate oil problem seems to be the best way to withstand the excessive collective pressure of the other G8 members without surrendering positions. The West knows that these positions can be interpreted as the logical striving of the Eurasian power "to stand on two legs."

Russia's growing rapprochement with the great Asian powers, China and India, is gradually turning its lop-sided European and American orientation into an equidistance stand. The idea is not to create unions or blocs, as a demonstration of mutual attraction and interest would suffice for effect.

A recent example of such demonstration by the Asian Troika was the call of the Shanghai Cooperation Organization, where Russia and China play first fiddle, on the U.S. to decide when it would pull its military bases out of Central Asia.

Russian energy resources are the cementing element in Russia's relations with China and India, which are gradually getting access to them. The top officials of the country have also assured China and India that Russia would continue increasing energy deliveries to them.

Putin's statement made in Gleneagles today speaks of Moscow's confidence of its ability to have a stabilizing influence on the global oil markets, as well as a justified striving to play a bigger part in the global energy policy.

Igor Tomberg is a master of economics and a leading researcher at the Institute of World Economic and Political Studies, Russian Academy of Sciences

The opinions expressed in this article are those of the author and may not necessarily represent the opinions of the editorial board.