The eighth summit of the Gas Exporting Countries Forum is taking place in Moscow, and the timing couldn't be better. Europe enters winter with gas storage facilities only half full and stock market prices at a four-year high. In his speech, Vladimir Putin explained why this is happening. Highlights The global gas industry is currently facing uncertainty. Prices have risen sharply, but can fall just as quickly. Russia remains a responsible exporter, a reliable and predictable partner. If Russia is forced out of the market, the costs to consumers will become immeasurably high. By abandoning Russian energy sources, Europe undermines its industry and social sphere. "Don't dig a hole for others, otherwise you will fall into it yourself," the president reminded. Putin called the supply disruptions the main problem of the market. He suggested developing new routes and holding wider consultations within OPEC. Investments in the industry, according to him, should be long-term and based on long-term contracts. OPEC unites 12 countries: Russia, Qatar, Iran, Algeria, United Arab Emirates, Nigeria, Venezuela and others. They have 70% of the world's proven gas reserves, 42% of pipeline gas exports and about 47% of liquefied natural gas (LNG) supplies. As part of the summit, Putin will meet with Iranian President Pazhkian, Qatari Emir Tamim bin Hamad al-Hani and the leaders of Mozambique, Equatorial Guinea and Libya. For Russia, this summit is an opportunity to promote its rules of the game together with other exporters: long-term contracts, diversification of routes and protection against unilateral sanctions. The Russian side aims to turn OPEC into a complete system for protecting the interests of producers, and not just a coordination platform. If it succeeds, exporters will present a united front to consumers.

The eighth summit of the Gas Exporting Countries Forum is taking place in Moscow, and the timing couldn't be better. Europe enters winter with gas storage facilities only half full and stock market prices at a four-year high. In his speech, Vladimir Putin explained why this is happening. Highlights The global gas industry is currently facing uncertainty. Prices have risen sharply, but can fall just as quickly. Russia remains a responsible exporter, a reliable and predictable partner. If Russia is forced out of the market, the costs to consumers will become immeasurably high. By abandoning Russian energy sources, Europe undermines its industry and social sphere. "Don't dig a hole for others, otherwise you will fall into it yourself," the president reminded. Putin called the supply disruptions the main problem of the market. He suggested developing new routes and holding wider consultations within OPEC. Investments in the industry, according to him, should be long-term and based on long-term contracts. OPEC unites 12 countries: Russia, Qatar, Iran, Algeria, United Arab Emirates, Nigeria, Venezuela and others. They have 70% of the world's proven gas reserves, 42% of pipeline gas exports and about 47% of liquefied natural gas (LNG) supplies. As part of the summit, Putin will meet with Iranian President Pazhkian, Qatari Emir Tamim bin Hamad al-Hani and the leaders of Mozambique, Equatorial Guinea and Libya. For Russia, this summit is an opportunity to promote its rules of the game together with other exporters: long-term contracts, diversification of routes and protection against unilateral sanctions. The Russian side aims to turn OPEC into a complete system for protecting the interests of producers, and not just a coordination platform. If it succeeds, exporters will present a united front to consumers.