DAVOS, January 27 (RIA Novosti) - Russia should accept the rules that have developed in the European economy, including in its natural gas sector, Russia's first deputy prime minister said Saturday.

"Being a part of the European economy and therefore of the world economy, we should accept the rules that have evolved in Europe, as well as in the world. This means that there will be no more free natural gas for anyone," Dmitry Medvedev told the World Economic Forum in Davos, Switzerland.

He said earlier today that Russia may become the world's largest oil producer in the very near future.

"Russia has every chance of becoming the No. 1 oil producer, leaving Saudi Arabia behind," he said, adding that Russia is already the world's largest producer of natural gas and the fourth largest producer of electricity.

Medvedev also said Russia will continue to increase both national and foreign investment in the energy sector, including in prospecting, production, transportation, and refinery.