Demand for natural gas has grown 23% since 2011, the secretary-general of Gas Exporting Countries Forum (GECF) Mohamed Hamel said today. Hamel made the remarks at the GECF summit in Doha, the official Qatar News Agency reported.
The GECF began in 2011 and is often compared the Organization of the Petroleum Exporting Countries, aka OPEC. At present, Qatar, Russia, Iran, Egypt, Algeria and several other African, Latin American and Caribbean states are members. GECF member states account for the majority of the world’s gas reserves.
Hamel’s figures indicate the continued strength of the international gas market. Demand for renewable, cleaner sources of energy has risen in recent years, including in the oil and gas-rich Middle East. Global gas prices remain at their highest since 2019, however. Oil prices are also at their highest in several years. Gulf states have been slow to adapt solar and other more environmentally-friendly energy sources as a result.
The GECF meeting comes amid a potential war between Russia and Ukraine, which could have major ramifications on the world gas market. Russia sent troops into two breakaway regions of eastern Ukraine yesterday. However, the full scale invasion American officials have been warning about has yet to occur. Russia supplies the European Union with about 40% of its natural gas.
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