It also served to deflect Western criticism of Russia's democratic record and offset damaging publicity linked to January's dispute with Ukraine over the price of Russian gas, which disrupted supplies to Europe.

"Instability in hydrocarbon markets poses today a real threat to global energy supply. The gap between supply and demand is widening," Putin said in a 1,700-word text issued by the Kremlin.

"We will strive to form a system of energy security which will take into account the interests of the whole world."

Striking a statesmanlike note, Putin warned that world leaders had a duty to work out a strategy to end instability over energy supplies or else generations to come would suffer.

A stable energy policy should reflect broad international interests, not just those of wealthy nations, he argued.

"Energy egotism is the road to nowhere," Putin said. "We are duty bound to leave for those who follow us a world energy 'architecture' which will protect them from conflicts, from unconstructive forms of struggle over energy supply."

Putin will host US President George W Bush and other G8 leaders at a summit in his home town of St. Petersburg in July to crown Russia's first stint chairing the rich nations' group.

Russia took over the rotating presidency of the club, which includes the United States, Japan, Canada, Germany, France, Britain and Italy, at the start of the year.

It was formally invited to join the grouping in 1998 to cement its transition from communism to democracy.

Some other G8 members still do not consider Russia an equal, however, pointing to what they see as flaws in its record on democracy. Despite its oil and gas riches, Russia also went to the brink of financial ruin and debt default in the late 1990s.

STRONG MESSAGE

Putin's strong message, widely aired in Russian media and carried by several newspapers in the West, underscored Russia's role as an energy superpower.

Russia is the second largest oil exporter and has the biggest reserves of gas in the world, supplying about 25 percent of Europe's gas needs.

But it was criticised by other G8 countries early this year when a row with Ukraine led it to shut off gas supplies to its neighbour.

Since the bulk of Russian gas supplies to Europe are carried across Ukraine, the dispute prompted questions within the European Union over Moscow's reliability as a supplier, although few real alternatives exist.

Kremlin officials see the G8 presidency as an affirmation of Russia's renewed geopolitical clout after the chaos of the 1990s and the fall of the Soviet Union.

The president himself has said critics must accept that Russia, flush with oil cash and undergoing an economic boom, is a dynamic player in the world economy.

Putin, who must step down in 2008 at the end of his second four-year term in office, is keen to play the global statesman and underline that Russia is still at the top table of world politics on questions of energy.

With oil prices at more than $60 a barrel, oil traders are riding the biggest bull market since prices soared to records, in real terms, after the 1979 Iranian revolution.

That is a concern for major oil consumers, such the United States, China, the European Union and Japan, though it boosts revenues for top exporters Russia and Saudi Arabia.

Other items on the G8 2006 agenda fixed by Russia are fighting infectious diseases and education.