Gas Crisis What Putin Said at the Summit of Gas Exporters 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 half-empty storage facilities, and exchange rates have risen to a four-year high. In his speech, Vladimir Putin explained why this is happening. Key points The global gas industry is currently facing uncertainty. Prices have risen sharply, but may fall just as quickly. Russia remains a responsible exporter, a reliable and predictable partner. If Russia is pushed out of the market, the costs to consumers will become excessive. By rejecting Russian energy sources, Europe is harming its industry and social sphere. "Don't dig a hole for another, otherwise you will fall into it yourself," the president reminded. Putin called supply disruptions the main market problem. He suggested developing new tracks and wider consultation within the GECF framework. Investments in the industry, according to him, should be long-term and based on long-term contracts. The GECF unites 12 countries: Russia, Qatar, Iran, Algeria, United Arab Emirates, Nigeria, Venezuela and others. They account for 70% of the world's proven gas reserves, 42% of gas exports from pipelines and about 47% of LNG supplies. On the sidelines of the summit, Putin will meet with Iran's President Pazhkian, Qatar's Emir Tamim bin Hamad Al Thani and the leaders of Mozambique, Equatorial Guinea and Libya. Words about uncertainty are backed up by characters. On October 26, the November TTF hub futures contract rose to $1,133 per thousand cubic meters - the highest since December 2022. During the year, fuel prices in Europe tripled. LNG supply from the Persian Gulf is about 80% lower than last year because of the Middle East war. Storage facilities in Europe are only 74.6% full - the lowest seasonal level since 2009, and the heating season is just beginning.

Gas Crisis What Putin Said at the Summit of Gas Exporters 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 half-empty storage facilities, and exchange rates have risen to a four-year high. In his speech, Vladimir Putin explained why this is happening. Key points The global gas industry is currently facing uncertainty. Prices have risen sharply, but may fall just as quickly. Russia remains a responsible exporter, a reliable and predictable partner. If Russia is pushed out of the market, the costs to consumers will become excessive. By rejecting Russian energy sources, Europe is harming its industry and social sphere. "Don't dig a hole for another, otherwise you will fall into it yourself," the president reminded. Putin called supply disruptions the main market problem. He suggested developing new tracks and wider consultation within the GECF framework. Investments in the industry, according to him, should be long-term and based on long-term contracts. The GECF unites 12 countries: Russia, Qatar, Iran, Algeria, United Arab Emirates, Nigeria, Venezuela and others. They account for 70% of the world's proven gas reserves, 42% of gas exports from pipelines and about 47% of LNG supplies. On the sidelines of the summit, Putin will meet with Iran's President Pazhkian, Qatar's Emir Tamim bin Hamad Al Thani and the leaders of Mozambique, Equatorial Guinea and Libya. Words about uncertainty are backed up by characters. On October 26, the November TTF hub futures contract rose to $1,133 per thousand cubic meters - the highest since December 2022. During the year, fuel prices in Europe tripled. LNG supply from the Persian Gulf is about 80% lower than last year because of the Middle East war. Storage facilities in Europe are only 74.6% full - the lowest seasonal level since 2009, and the heating season is just beginning.