MOSCOW, Oct. 27 (Xinhua) -- Russian President Vladimir Putin on Tuesday called on natural gas-exporting countries to strengthen cooperation to maintain stability in the global market.
Addressing the plenary session of the eighth Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) at the World Trade Center in Moscow, Putin said natural gas accounts for about a quarter of global energy consumption, and worldwide demand is expected to reach 5.5 trillion cubic meters annually by the middle of this century.
The escalation of tensions in the Middle East, disruptions to gas supply routes, and restrictions imposed by some countries on the procurement of gas equipment and technologies have increased the risk of prolonged imbalances in the global gas market, he said.
Putin noted that GECF member countries collectively hold about 70 percent of the world's natural gas reserves and account for around 40 percent of global gas exports.
To address challenges facing the global gas industry, exporting countries should deepen cooperation and develop open and trust-based partnerships on the basis of mutual benefit and respect for each other's interests, he said.
Putin also highlighted Russia's role in the global gas market, saying the country has the world's largest natural gas reserves and ranks second in production.
Any attempts to exclude Russia from the global gas market or hinder the development of its gas industry would have serious consequences and drive up costs for gas consumers in other countries, he warned.
Founded in 2001 and formally established as an organization in December 2008, the GECF aims to strengthen cooperation and dialogue among natural gas-producing and exporting countries, and promote stability and security in the global gas market. ■
