Russia ranks first globally in terms of natural gas reserves - Putin

Russia currently ranks first in the world in terms of natural gas reserves and second in terms of production, Russian President Vladimir Putin said at the Gas Exporting Countries Forum (GECF) summit.

"Russia is one of the key players in the global gas market. We rank first in the world in terms of natural gas reserves and second in terms of production," Putin said.

A unique production complex has been established in the country, which makes it possible to diversify gas supplies and develop gas processing, the Russian leader added.

The role of natural gas as a pillar of the global energy sector, industry, and the agricultural sector will only continue to strengthen, he noted.

Last year natural gas consumption grew by 1.2% to 4.2 trillion cubic meters, Putin said, adding that those trends are expected to continue, with global demand for gas projected to rise to 5.5 trillion cubic meters per year.

According to him, member countries of the Gas Exporting Countries Forum (GECF) account for approximately 40% of global gas exports.

The Russian leader noted that participants and observers of the Gas Exporting Countries Forum (GECF) have resources to tackle the most difficult tasks in the gas industry.