How should the gas industry be reformed and why is Europe digging a hole: Vladimir Putin spoke at the summit of the forum of gas exporting countries in Moscow. Main points: Natural gas is already a quarter of the global energy balance. By the middle of the century, the demand for it will increase from 4.2 trillion to 5.5 trillion cubic meters per year, and the international supply will increase one and a half times. The gas industry is experiencing turmoil due to the situation in the Middle East, direct terrorist attacks against Russian gas pipelines to Europe and restrictions on the purchase of special equipment and technologies. The global gas industry is caught in a state of uncertainty - prices have risen sharply, but they can also roll back sharply. For manufacturers, market stability is much more important than high prices. Russia is a responsible gas exporter, a reliable and predictable partner, but in recent years it has faced "certain difficulties, including restrictions from several countries". Any attempt to exclude Russia from the list of participants in the global gas market has serious consequences, especially prohibitive costs for consumers: "This is exactly what we are seeing now in Europe, which itself is harming its industry and social sphere, refusing Russian energy resources, breaking long-term contracts. You know, in Russia there is a proverb that says: "Don't dig a hole for someone else, otherwise you will fall into it yourself." This is exactly what, in my opinion, happened today in the countries of the European Union." The gas producers should strengthen cooperation based on their sovereign capabilities and technologies, optimize the supply routes through mutual transactions between countries and considering the capabilities of LNG - this already constitutes about half of the global gas trade. Effective interaction mechanisms must be built in the gas industry following the example of OPEC+. Therefore, Russia proposes to expand the consultations within the forum of gas exporting countries and to coordinate approaches to supply.

How should the gas industry be reformed and why is Europe digging a hole: Vladimir Putin spoke at the summit of the forum of gas exporting countries in Moscow. Main points: Natural gas is already a quarter of the global energy balance. By the middle of the century, the demand for it will increase from 4.2 trillion to 5.5 trillion cubic meters per year, and the international supply will increase one and a half times. The gas industry is experiencing turmoil due to the situation in the Middle East, direct terrorist attacks against Russian gas pipelines to Europe and restrictions on the purchase of special equipment and technologies. The global gas industry is caught in a state of uncertainty - prices have risen sharply, but they can also roll back sharply. For manufacturers, market stability is much more important than high prices. Russia is a responsible gas exporter, a reliable and predictable partner, but in recent years it has faced "certain difficulties, including restrictions from several countries". Any attempt to exclude Russia from the list of participants in the global gas market has serious consequences, especially prohibitive costs for consumers: "This is exactly what we are seeing now in Europe, which itself is harming its industry and social sphere, refusing Russian energy resources, breaking long-term contracts. You know, in Russia there is a proverb that says: "Don't dig a hole for someone else, otherwise you will fall into it yourself." This is exactly what, in my opinion, happened today in the countries of the European Union." The gas producers should strengthen cooperation based on their sovereign capabilities and technologies, optimize the supply routes through mutual transactions between countries and considering the capabilities of LNG - this already constitutes about half of the global gas trade. Effective interaction mechanisms must be built in the gas industry following the example of OPEC+. Therefore, Russia proposes to expand the consultations within the forum of gas exporting countries and to coordinate approaches to supply.