Russian President Emphasizes Importance of Gas Exporters Forum Members in Global Energy Security

Moscow -- Russian President Vladimir Putin affirmed on Tuesday the importance of member states of the Gas Exporting Countries Forum (GECF) to global energy security, noting that these countries account for about 40 percent of global gas exports and hold approximately 70 percent of the world’s natural gas reserves. Speaking at the eighth GECF summit in Moscow, Putin said that “global demand for natural gas is projected to rise to 5.5 trillion cubic meters annually by 2050,” adding that “gas accounts for about a quarter of the global energy mix and its role in international trade will grow in the coming years.” He clarified that international gas supplies will increase by about one and a half times, with liquefied natural gas (LNG) accounting for roughly half of global gas trade, and stressed the need to improve supply routes and increase investments to keep pace with rising global demand.

Putin warned of disruptions in the global gas market, pointing out that prices have surged sharply and could fall just as sharply, while supply interruptions and significant reductions in available volumes represent some of the most prominent challenges facing the market today. He emphasized that Russia holds the world’s largest natural gas reserves and serves as a responsible and reliable supplier to external markets, cautioning that any attempts to exclude it from the global gas market would have severe consequences, including higher costs for other countries. He argued that Europe’s rejection of Russian energy sources is striking at its own industrial and social sectors, commenting on the European energy crisis with the proverb, “He who digs a pit for his brother falls into it himself.”

Putin called for expanding consultations among GECF member states regarding potential crises in the global gas market and strengthening technological partnerships among exporting countries based on sovereign technology, asserting that the forum possesses the necessary resources and capabilities to confront challenges facing the gas industry. He stressed that investments in the gas sector must be long-term and not based solely on current price levels, but rather on long-term contracts that provide greater stability and predictability, highlighting the importance of creating suitable conditions for developing projects and increasing supplies.

The eighth summit of the forum in Moscow coincides with the 25th anniversary of its establishment, with participation from member and observer states, along with Turkmenistan and South Africa as guests. The forum comprises 12 member states: Russia, Algeria, Bolivia, Venezuela, Egypt, Iran, Qatar, Libya, Nigeria, Trinidad and Tobago, Equatorial Guinea, and the United Arab Emirates. Eight observer states are Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru, and Senegal.

The summit is expected to discuss enhancing cooperation among exporting countries, diversifying gas trade routes, developing technology, and mitigating price volatility, alongside the adoption of the Moscow Declaration, which affirms the role of member states as reliable natural gas suppliers and their contribution to supporting global energy security. (End) TASS / A.M.S.