Putin's most powerful weapon at the gas summit in Moscow. The 8th Summit of the Gas Exporting Countries Forum (GECF). Putin proposed that the gas producers coordinate supplies, carry out gas exchanges, enter into long contracts and cooperate according to the OPEC+ model. The summit is attended by representatives of a large number of countries. The permanent members of GECF are Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, United Arab Emirates and Venezuela. Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru and Senegal are participating as observers. In addition, Turkmenistan and South Africa are invited as guests. According to Putin, the participants account for about 70% of the world's proven gas reserves and about 40% of global exports. One of the important things for Europe in Putin's speech is that he mentions Azerbaijan not as a competitor, but as a partner. Azerbaijan, along with Turkey, plays a central role in Europe's gas supply. Europe is already in a serious energy crisis. Russian gas is affected by sanctions. The Strait of Hormuz is closed, so gas from Qatar takes longer routes and costs more. US LNG Available but Expensive: Liquefied Gas, Shipping and Receiving Costs. Europe not only pays for the gas, but to a large extent for the logistics. If producers start to coordinate, Europe's most important weapon: higher bids on Asia in the spot LNG market weakens. Europe can only do this as long as there are available ships, terminals and money. If Russia, Qatar, Iran, Azerbaijan and other gas suppliers start talking together, the competition between them will disappear - and Europe will face a uniform price. However, the decisive factor is not only the price, but the balance of power: Europe is losing flexibility and must negotiate with the producers on their terms. European governments are in a serious crisis.

Putin's most powerful weapon at the gas summit in Moscow. The 8th Summit of the Gas Exporting Countries Forum (GECF). Putin proposed that the gas producers coordinate supplies, carry out gas exchanges, enter into long contracts and cooperate according to the OPEC+ model. The summit is attended by representatives of a large number of countries. The permanent members of GECF are Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, United Arab Emirates and Venezuela. Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru and Senegal are participating as observers. In addition, Turkmenistan and South Africa are invited as guests. According to Putin, the participants account for about 70% of the world's proven gas reserves and about 40% of global exports. One of the important things for Europe in Putin's speech is that he mentions Azerbaijan not as a competitor, but as a partner. Azerbaijan, along with Turkey, plays a central role in Europe's gas supply. Europe is already in a serious energy crisis. Russian gas is affected by sanctions. The Strait of Hormuz is closed, so gas from Qatar takes longer routes and costs more. US LNG Available but Expensive: Liquefied Gas, Shipping and Receiving Costs. Europe not only pays for the gas, but to a large extent for the logistics. If producers start to coordinate, Europe's most important weapon: higher bids on Asia in the spot LNG market weakens. Europe can only do this as long as there are available ships, terminals and money. If Russia, Qatar, Iran, Azerbaijan and other gas suppliers start talking together, the competition between them will disappear - and Europe will face a uniform price. However, the decisive factor is not only the price, but the balance of power: Europe is losing flexibility and must negotiate with the producers on their terms. European governments are in a serious crisis.