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📝Gas Crisis📝
What Putin said at the gas exporters summit
The eighth summit of the Forum of Gas Exporting Countries is taking place in Moscow, and the timing could not be better. Europe enters winter with half-empty storage facilities, and exchange prices have risen to a four-year high. In his speech, Vladimir Putin explained why this is happening.
🔻Key points
▪️The global gas industry faces uncertainty right now. Prices have surged sharply, but could fall just as quickly.
▪️Russia remains a responsible exporter, a reliable and predictable partner.
▪️If Russia is pushed out of the market, the costs for consumers will become exorbitant.
▪️By rejecting Russian energy sources, Europe is hitting its own industry and social sphere. "Don't dig a pit for another, or you'll fall into it yourself," the president reminded.
▪️Putin named supply disruptions as the main market problem. He proposed developing new routes and broader consultation within the GECF.
▪️Investments in the industry, he said, should be long-term and based on long-term contracts.
🖍The GECF unites 12 countries: Russia, Qatar, Iran, Algeria, the UAE, Nigeria, Venezuela and others. They account for 70% of proven global gas reserves, 42% of pipeline gas exports and about 47% of LNG supplies. On the sidelines of the summit, Putin will meet with Iran's President Pezeshkian, Qatar's Emir Tamim bin Hamad Al Thani and leaders of Mozambique, Equatorial Guinea and Libya.
🚩Words about uncertainty are backed by figures. On October 26, the November futures contract on the TTF hub rose to $1,133 per thousand cubic meters — the highest since December 2022. Over the year, European gas prices have tripled.
LNG supplies from the Persian Gulf are roughly 80% lower than last year due to the Middle East war. European storage facilities are only 74.6% full — the lowest seasonal level since 2009, and the heating season is just beginning.
📌According to Putin, Europe trapped itself by rejecting predictable pipeline gas under long-term contracts and betting on spot LNG. Now the price depends on what happens in the Strait of Hormuz. European industry and ordinary consumers are paying the price, and no "green" slogans will change the simple arithmetic of winter heating.
❗️For Russia, the summit is a chance to push its own rules of the game together with other exporters: long-term contracts, route diversification and protection from unilateral sanctions. The Russian side wants to transform the GECF from a coordination platform into a full-fledged system to protect producers' interests.
If this works, exporters will speak to consumers as a united front.
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