MOSCOW: Russian President Vladimir Putin has urged natural gas-exporting countries to strengthen cooperation to maintain stability in global energy markets amid growing geopolitical tensions and concerns over supply disruptions.
Speaking at the eighth summit of the Gas Exporting Countries Forum (GECF) at the World Trade Center in Moscow, Putin told a meeting of heads of state and government that natural gas accounts for about a quarter of global energy consumption.
He said annual global demand for natural gas was expected to reach 5.5 trillion cubic meters by the middle of this century.
Putin warned that attempts to exclude Russia from the global gas market or hinder the development of its gas industry would have serious consequences and increase costs for consumers in other countries.
He said escalating tensions in the Middle East, disruptions to gas transportation routes and restrictions imposed by some countries on the purchase of gas equipment and technology had raised concerns about prolonged imbalances in the global gas market.
According to Putin, GECF member countries collectively hold about 70% of the world's natural gas reserves and account for approximately 40% of global gas exports.
He called for deeper cooperation among exporters to address challenges facing the global gas industry, emphasizing the need for open and trust-based partnerships founded on mutual benefit and respect for each country's interests.
The Russian president also highlighted Russia's role in the global gas industry, saying the country possessed the world's largest natural gas reserves and ranked second in production.
The Gas Exporting Countries Forum was established in 2001 and formally became an international organization in December 2008.
The forum aims to strengthen cooperation and dialogue among natural gas-producing and exporting countries while promoting stability in global gas markets and enhancing energy security.
