Putin Calls on Natural Gas Exporters to Strengthen Cooperation

Russian President Vladimir Putin on Tuesday called on natural gas-exporting countries to strengthen cooperation to maintain stability in the global energy market.

Addressing the plenary session of the eighth Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) at the World Trade Center in Moscow, Putin said natural gas accounts for about a quarter of global energy consumption. Worldwide demand is expected to reach 5.5 trillion cubic meters annually by the middle of this century.

Putin said escalating tensions in the Middle East, disruptions to gas supply routes, and restrictions imposed by some countries on purchases of gas equipment and technologies have increased the risk of prolonged imbalances in the global gas market.

He noted that GECF member countries collectively hold about 70 percent of the world’s natural gas reserves and account for around 40 percent of global gas exports.

To address challenges facing the global gas industry, exporting countries should deepen cooperation and develop open, trust-based partnerships founded on mutual benefit and respect for each other’s interests, Putin said.

He also highlighted Russia’s role in the global gas market, noting that the country has the world’s largest natural gas reserves and ranks second in production.

Putin warned that attempts to exclude Russia from the global gas market or hinder the development of its gas industry could have serious consequences and increase costs for gas consumers in other countries.

According to CCTV+, the Gas Exporting Countries Forum, founded in 2001 and formally established as an organization in December 2008, aims to strengthen cooperation and dialogue among natural gas-producing and exporting countries and promote stability and security in the global gas market.