Oil & Gas

The 26th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) commenced in Tehran on Sunday, as reported by the Iranian official news agency, IRNA. The one-day meeting was chaired by Iranian Oil Minister Mohsen Paknejad and attended by GECF Secretary-General Mohamed Hamel, along with ministers, deputy ministers, and senior officials from member states' oil and gas ministries.

In his opening remarks, Paknejad emphasized the importance of the meeting as a platform for exchanging ideas and fostering consultations among GECF members and observers. He also expressed concerns over the instability caused by ongoing tensions in the West Asia region, including conflicts in the Gaza Strip, Lebanon, and Syria, which he warned could undermine both regional stability and global energy security.

GECF Secretary-General Mohamed Hamel highlighted the significant growth in global demand for natural gas, which has risen by 70 percent since the forum’s inception in 2001. He further projected a 34 percent increase in natural gas consumption by 2050, underscoring the importance of collaboration among GECF members to meet future energy needs.

The forum, which comprises 12 full members, including major gas-producing nations such as Russia, Qatar, and Iran, controls 69 percent of the world’s gas reserves and plays a pivotal role in global gas production and exports. Five of the eight observer countries, including Azerbaijan and Iraq, also participated in the meeting, reflecting the forum's growing influence in shaping global energy policies.