AI Brief
- Russian President Vladimir Putin warned that excluding Russia from the global gas market increases costs for foreign consumers, especially in Europe.
- Putin emphasized the need to optimize gas supply routes and expand mutual operations among Gas Exporting Countries Forum members due to rising global demand.
- Russia is open to cooperation and technological exchange in the gas sector, including potential joint projects with the United States in the Arctic.
MOSCOW: Any attempts to exclude Russia from gas market raise costs for consumers, Russian President Vladimir Putin said on Tuesday (October 27) at the Gas Exporting Countries Forum (GECF) hosted by Moscow.
"I would like to reiterate that any attempts to exclude Russia from participation in the global gas market or to hinder the development of this industry in our country have serious consequences, above all in the form of rising, exorbitant costs for foreign end consumers of gas, including companies, businesses and households. This is exactly what we are seeing in Europe now."
Putin also said that expected growth in global demand for natural gas makes it necessary to optimize supply routes and expand swap and other mutual operations.
"The main problem today is the disruption of gas supplies. Large volumes of supply have been removed from the market in a short period of time, while demand has not disappeared. Therefore, it is necessary to work on optimizing transportation routes, taking into account the geographical location of the Forum's member countries, through reciprocal operations among them, that is, among ourselves," he said.
Russian president mentioned that Russia and the United States are exploring the possibility of cooperation in the Arctic.
"In the Arctic, we are actively working with many countries around the world that are interested in joint projects. Until quite recently, European partners worked alongside us at our fields, and Chinese partners have worked with us as well. We are currently exploring the possibility of joint work with American partners," Putin said.
Russia is open to cooperation and to the exchange of technological developments in the gas sector, he added.
The GECF's 12 members are Algeria, Bolivia, Venezuela, Egypt, Iran, Qatar, Libya, Nigeria, Russia, Trinidad and Tobago, Equatorial Guinea and the United Arab Emirates. According to Russian authorities, the Forum's members account for 70% of the world's proven gas reserves, 38% of production, 42% of global gas exports and 47% of LNG exports.
