Gas-exporting countries to cooperate on battling demand volatility

In the closing declaration of the 7th Gas Exporting Countries Forum (GECF) summit in Algeria, member nations agreed to cooperate on battling volatility in market demand.

The gathering brought together heads of state and government from 14 countries, including Russia, Iran, Qatar, Venezuela, and several guest nations.

This year’s summit revolved around the theme of “Natural Gas for a Secure and Sustainable Future” and came as the industry confronts waning demand for oil and gas and new competition from renewable energy sources.

Algerian president and host, Abdelmadjid Tebboune, said his country was committed to cooperating with member states in this field, in order to strengthen the position of gas as a sustainable and environmentally friendly resource.

“Especially as we stand on the threshold of a new era, where continued cooperation and dialogue can help shape a collective vision that enshrines the principle of sharing risks and benefits," he said.

Representatives from gas exporting countries expressed their concern at the recurrent volatility of natural gas demand, which is adversely affecting global economic performance.

In the Algiers Declaration, member countries emphasised "the importance of medium- and long-term natural gas contracts, fair and stable natural gas prices, and sustained investment” to enhance energy security and support the development of resilient energy systems.

Delegates also agreed to promote natural gas as an abundant, affordable, flexible, and reliable energy source, and harness and develop more environmentally-friendly, efficient and sustainable technologies.