RUSSIA is one of the key players in the global gas market and ranks first in terms of natural gas reserves, Russian President Vladimir Putin said on Tuesday.
“Russia is one of the key players in the global gas market. We rank first in the world in terms of natural gas reserves and second in terms of its production,” Putin said at the Gas Exporting Countries Forum (GECF) summit in Moscow.
Any attempts to exclude Russia from the global gas market have serious consequences, including rising costs for other countries, Putin explained.
Europe is dealing a blow to its own industry and the social sector by shunning Russian gas, Putin added.
Vladimir Putin called for strengthening cooperation among gas-exporting countries, with a focus on relying on sovereign technologies.
The main problem in the global gas market today is related to supply disruptions, as large volumes of supply have been lost from the market, the Russian president added.
“It is necessary to work on optimizing transport routes, taking into account the geographical location of the forum’s member countries,” Putin said. Global gas prices have risen sharply, but they could just as sharply fall back, Putin said.
“Prices have risen sharply, but we understand that they could just as sharply fall back, returning to their previous levels,” Putin said.
The global gas industry is currently experiencing upheavals, the Russian president added.
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