Gas producers convene in Algiers

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.