GECF Should Tackle the Challenge of Falling Gas Prices

Gas Exporting Countries Forum (GECF) should craft effective mechanisms to cope with the challenge of falling gas prices, Omani petroleum minister Mohammed Bin Hamad Al-Rumhy said in Tehran.

Addressing the 3rd GECF Summit in Tehran on Monday, Al-Rumhy said the gas market is facing various challenges in view of security and sustainability including plunging LNG prices, reported stated owned Shana News.

“By continued trend of falling prices, the world community will experience lower investment in development of gas industry so that it, in turn, will put limits on the amount of available natural gas for exports as well as meeting world gas market needs, “he said.  

GECF is the intergovernmental forum of the world’s leading gas producers. It consists of 19 main and observer members with its permanent secretariat based in Doha, Qatar. 

GECF members account for 42 percent of global gas output, 70 percent of global gas reserves, 40 percent of pipe gas transmission, and 65 percent of global trade of LNG.