The summit of gas-exporting countries kicked off its proceedings in Algiers on Saturday with the participation of numerous leaders, including Iran's Ebrahim Raisi and Qatar's Emir Tamim bin Hamad al-Thani, amid persistent tensions in the markets.
Ebrahim Raisi
The summit of gas-exporting countries kicked off its proceedings in Algiers on Saturday with the participation of numerous leaders, including Iran's Ebrahim Raisi and Qatar's Emir Tamim bin Hamad al-Thani, amid persistent tensions in the markets.
In his opening address, Algerian President Abdelmadjid Tebboune stated that this summit is "an opportunity to have a common vision that preserves the interests of both producers and consumers." He added that natural gas "plays an essential role in achieving sustainable development and meeting the growing global energy needs."
A significant growth in gas demand is projected for 2024 compared to 2023, supported by forecasts of colder temperatures and falling prices, according to the latest report from the International Energy Agency (IEA).
Algeria is "working to collaborate with all parties," asserted the Algerian leader, emphasizing that "the challenges today require us to promote dialogue and multilateral work." Natural gas "is an abundant, affordable, and environmentally friendly energy source," and Algeria "supports the integration of renewable energy sources," Mr. Tebboune further stated.
The day before, a ministerial meeting brought together representatives from members of the Gas Exporting Countries Forum (GECF).
Established in 2001, the GECF comprises 12 countries: Algeria, Qatar, Russia, Iran, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela, and the United Arab Emirates.
According to the GECF, its members and seven other associated countries represent 70% of proven gas reserves and 51% of global liquefied natural gas (LNG) exports.
Algeria decided to sever diplomatic relations with the United Arab Emirates after what it described as the "exhaustion of all means to preserve bilateral ties", Algerian state media said on Thursday, without giving details of the reason for the move.
Spanish police said on Tuesday they had dismantled an illegal banking network that served some of Europe's biggest cocaine traffickers, arresting 21 people in several countries including in the Middle East and uncovering assets worth €20 million ($23.2 million).
Israel's Ministry of Finance released a set of headline macroeconomic indicators ahead of Rosh Hashanah, the Jewish New Year, a major holiday marking the start of the Hebrew calendar year and traditionally a moment for reflection and stocktaking, including on the state of the economy.
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