OMM Newsroom
Russian President Vladimir Putin called on gas producers to increase global supplies and invest in infrastructure at the eighth summit of the Gas Exporting Countries Forum (GECF), held in Moscow on October 27, AnewZ reported.
Putin highlighted rising global demand and the need for greater investment in new fields, processing facilities and transport infrastructure. “We need to increase gas supplies,” Putin said, adding that Russia was “exploring opportunities for joint work with American partners.”
Gas demand and supply forecasts
Natural gas accounts for about a quarter of the global energy balance, Putin said. Global gas consumption rose 1.2% last year to 4.2 trillion cubic meters.
He forecast that annual demand could reach 5.5 trillion cubic meters by the middle of the century, while international gas supplies could rise to 1.7 trillion cubic meters.
Putin listed geopolitical tensions, disruptions to supply routes, and restrictions on equipment and technology among the challenges facing the industry. He also referred to the explosions that damaged the Nord Stream gas pipelines linking Russia and Europe.
Attempts to push Russia out of global gas markets could have serious consequences for consumers, businesses and households abroad, the Russian president said. He accused European countries of harming their industrial and social sectors by reducing dependence on Russian energy.
“He who digs a well for another may fall into it himself,” Putin said, using the Russian proverb to criticize Europe’s energy policy. Instead of imposing barriers, he urged gas exporters to strengthen cooperation, honor existing contracts and balance the interests of producers and consumers.
Investment, technology and cooperation
Putin identified three priorities for the gas industry: strengthening supply routes, increasing long-term investment and deepening technological cooperation among exporters.
He proposed closer consultations within the GECF to assess threats to gas markets, including attacks on energy infrastructure, and coordinate efforts to ensure stable supplies.
Putin urged producers to develop new gas fields, upgrade processing facilities and expand transport capacity and liquefied natural gas (LNG) infrastructure. Long-term contracts could ensure reliable supplies for buyers and give producers the confidence to finance new projects, he said.
The Russian president cited cooperation among oil producers through OPEC+ as an example of how to improve market stability and predictability, while emphasizing that the gas sector needs mechanisms suited to its own requirements.
Putin said Russia was developing domestic capabilities in LNG production, deep gas extraction, seismic exploration and digital modeling of gas fields, and was ready to share these innovations with international partners. He also cited nuclear power and hydropower projects as additional areas for international cooperation.
Iranian President Masoud Pezeshkian, Qatari Emir Sheikh Tamim bin Hamad Al Thani, Mozambican President Daniel Chapo, Equatorial Guinean President Teodoro Obiang Nguema Mbasogo and Libyan Presidential Council Chairman Mohamed al-Menfi are attending the summit.
Putin is expected to hold bilateral meetings with Pezeshkian and representatives from Qatar, Mozambique, Equatorial Guinea and Libya.
According to the organization, GECF members include some of the world’s largest natural gas producers and account for about 70% of global proven gas reserves. This is the forum’s first summit in Moscow since 2013 and coincides with the 25th anniversary of cooperation among its members.
The summit is expected to conclude with the adoption of the Moscow Declaration, aimed at strengthening energy security through reliable gas supplies, diversified trade routes and closer cooperation among exporting countries.
