Energy prices have been growing steadily with international industrial development, with oil prices hitting $70 per barrel in mid-April amid concerns over Iran's controversial nuclear program.
"Price growth is not brought about by insufficient production, but by shocks in demand that exceeds production," Alexei Kudrin said.
The minister called for the market, reserves and output statistics to be more open as a way to remedy the situation on the world oil market.
Kudrin said predictability would lead to timely investment in production and especially refining, which has become a bottleneck in the current crisis around soaring energy prices.
"Therefore, the instruments that could increase market transparency from production to consumption must be discussed and statistics compiled on future market demand along with good forecasts on countries and long-term contracts," Kudrin said.
