President Vladimir Putin announced at the Gas Exporting Countries Forum summit in Moscow that Russia is considering joint energy projects with American partners in the Arctic. Putin stated that while Chinese and European firms have previously helped develop Arctic energy fields, Moscow is now evaluating similar opportunities for cooperation with the U.S.
The remarks come as Putin continues to caution that isolating Russia from the international fuel trade would lead to supply shortages and higher prices for consumers. He noted that members of the GECF collectively control 70% of global gas reserves and roughly 40% of exports, and projected that annual global demand for the fuel will reach 5.5 trillion cubic meters by 2050.