“At present, about 100mln people are below the poverty line because of the increase in food prices- as per the World Bank. No country can avoid increase in prices,” Miller stated.

Natig Aliyev, Minister of Industry and Energy of Azerbaijan, stated during the meeting with Robert Lombardi, Head of the company EGL-AXPO, in Baku that the Azerbaijani Energy Ministry, Turkey, Greece and Italy would sign a gas agreement in the end of May. Under the agreement, the Azerbaijani gas will be transported to Europe via the territory of Turkey. The European Union is planning to form inter governmental coordination Council on the gas pipeline issues to step up the efficiency of cooperation amongst the project member-countries.

A protocol on the sea and transport transit cooperation was signed between Iran and Azerbaijan in Teheran.

Earlier, the sides reached an agreement to delay the term of production from 2008 to 2011 following long and difficult talks between the governments of Kazakhstan and project members.

The project on the construction of the Trans-Caspian cable for electrity tranist from Kazakhstan or Turkmenistan via Azerbaijan can implemented from technical point of view, Natik Aliyev, the Azerbaijani Minister for Industry and Energy, stated.

According to Andrew Reed, the oil market expert of U.S. analytical company Energy Security Analysis (ESAI), lower oil prices would probably take some of the pressure off food prices and in that sense ease food crisis.

Dmitry Medvedev was sworn in as Russia’s third president since the fall of the Soviet Union at a Kremlin ceremony on Wednesday that stressed the continued authority of his predecessor Vladimir Putin, APA reports quoting Russian media.