The key facts
- Putin called Russia a reliable and predictable partner in gas supplies
- GECF countries account for about 70% of the world's proven gas reserves
- Following the summit, the Moscow Declaration is expected to be adopted
Statement at the summit in Moscow
Russian President Vladimir Putin, speaking on October 27 at the eighth summit of the Gas Exporting Countries Forum (GECF) in Moscow, said that Russia remains a responsible supplier of natural gas to international markets and a reliable partner for foreign buyers. “We use our powerful resource, scientific and industrial base to grow the national economy and, at the same time, act as a responsible supplier of gas abroad, a reliable and predictable partner,” Life.ru quotes him as saying.
The scale of the organization and the outcomes of the meeting
According to the president, resources, scientific developments and industrial capacity allow the country to develop its domestic economy while simultaneously supplying energy resources to foreign partners. Summit participants are discussing the stability of gas supplies, prospects for the global energy market and the strengthening of international cooperation. Following the meeting, the participants plan to adopt the Moscow Declaration on the role of member states in global energy security; the document will address the development of trade routes, the introduction of new technologies and the maintenance of predictable gas prices.
The GECF's share of the global market
The scale of the organization was previously outlined by Russian presidential aide Yuri Ushakov: GECF states account for about 70% of the world's proven natural gas reserves, and their members provide 38% of global production, 42% of pipeline gas exports and 47% of liquefied natural gas supplies. These figures show that the forum's statements concern a significant part of the global gas market, and the declaration being adopted potentially affects supply conditions for buyers around the world.
