Hamid Bourd, the head of the Ministry of Oil of the Islamic Republic of Iran, traveled to Moscow to participate in the 28th ministerial meeting of the Gas Exporting Countries Forum (GECF) and to accompany Masoud Pezeshkian, the President, at the 8th summit of this forum. During this trip, Bourd met and discussed with Paula Henao, the Minister of Oil of Venezuela, on November 4.
Review of Global Oil Market Developments
In this meeting, both sides referred to the history of bilateral cooperation in the fields of oil and energy and exchanged views on the latest developments in the global crude oil markets and issues related to the agreements of the Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ coalition. This meeting took place under circumstances where global oil markets are influenced by various factors including sanctions and changes in demand.
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Meetings of the Gas Exporting Countries Forum
The 28th ministerial meeting of the Gas Exporting Countries Forum was held today (Monday, November 4) and took place one day before the 8th summit of GECF leaders in Moscow on November 5. The summit of member countries is held every two years, with the first summit taking place in 2011 in Doha, Qatar. Subsequent hosts included Moscow in 2013, Tehran in 2015, Santa Cruz, Bolivia in 2017, Malabo, Equatorial Guinea in 2019, Doha in 2022, and Algiers in 2024.
This forum has 12 main members, including Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates, and Venezuela. Additionally, countries such as Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru, and Senegal participate as observer countries in this forum.
According to announced statistics, member countries of the forum hold approximately 70% of the world's proven natural gas reserves, 38% of commercial gas production, and 42% of global gas exports. Furthermore, their share of liquefied natural gas exports is estimated to be around 47%.
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