Global gas market today is unstable and for Western countries it will remain "narrow," Gazprom CEO Alexey Miller said during the plenary session of the St. Petersburg International Gas Forum.
"We have been working for quite a long time in one paradigm. Now, without a doubt, there is a transformation of the global gas market. Here we can use a synonym for the word transformation. We understand it as a deformation of the relations that have developed over decades between traditional consumers and gas suppliers," Miller said.
According to him, this deformation occurred in a very short period of time. "We believe that the reasons for this deformation are unfair competition. Then there are incredibly gross mistakes by regulators in gas-consuming countries and geopolitical instability. As a result, the global gas market has become extremely volatile, large regional markets are extremely volatile, and, accordingly, it is unstable. At the same time, for Western countries' gas market will remain narrow," he said.