Experts: GECF lacks opportunities to impact on gas market and its price

Azerbaijan, Baku, June 3 / Trend T.Jafarov /

Although countries of the Gas Exporting Countries Forum (GECF) posses 70 percent of the world gas reserves, it would not impact on the gas price and gas market, experts say.
The forum held its 12th meeting in Egypt this week.

Iranian Supreme Leader Ali Khamenei voiced an initiate to create 'Gas OPEC' at a meeting with Russia's Ex-Security Council Secretary General Igor Ivanov in 2006. However, Russia, Iran, Qatar and other gas producing countries began to mull the creation of the Gas Exporting Countries Forum in 2001. The countries first met in Tehran in 2011. Following the regular meetings, the countries announced the creation of the GECF at the Tehran meeting in 2009. The forum headquarters is located in Qatar. Doha chaired the forum in 2010 and Egypt replaced it in 2011.

Iranian Professor at the University of Glasgow and Trend Expert Council member Reza Tagizadeh said although Iran and Russia put forward the initiatives of 'Gas OPEC', 'Gas Cartel' and etc., soon it become clear that it is impossible to create gas cartel in the world.
"Russia and Iran believe, by creating 'Gas OPEC' similar to 'Oil OPEC', they will be able to protect the interests of the gas producers and control the gas prices," Taghizadeh told Trend. "However, now they agreed on functioning of the GECF only as the linking organization."

The Iranian officials and media outlets still name the GECF as 'Gas OPEC'.
Tagizadeh believes that naming this organization as 'Gas OPEC', Iran wants to indicate that it is able to control the market and wants to benefit from the political significance of this issue. "Although Iran ranks the second for its gas reserves in the world, the gas produced in the country covers only the domestic gas needs and has not gas for large-scale exports," he said.
Senior fellow at Singapore Energy Studies Institute Human Peymani told Trend that gas is a regional issue and its sale mechanism is different from oil, and therefore, the GECF member countries can not influence the gas prices even if they want.

Tagizadeh believes that using 'Gas OPEC' term is a political emotion and the work that can be done by the forum member countries is to conduct discussions and share experience.
Currently Algeria, Bolivia, Iran, Qatar, Equatorial Guinea, Libya, Egypt, Nigeria, Russia, Trinidad and Tobago and Venezuela are members to GECF. Kazakhstan, New Zeeland and Norway have observer status at the forum.
Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago and Venezuela make up the eleven members of the Gas Exporting Countries Forum. GECF meeting will take place in Cairo on June 2.

Tagizadeh said that it is impossible to appoint the gas price via any organization. "The only gas that likes oil is the liquid natural gas (LNG) and the LNG is sold in different regions in different prices. On the other hand, some countries, including Qatar, have directed all their potential towards producing LNG, some countries have not opportunity to sell LNG and some countries sell their gas via pipeline and in all cases, the situation, price and market change," said Tagizadeh.

And Peymani believes that the gas production and price change upon the regional situation. Therefore, GECF only creates opportunities for coordination and discussions amongst the member countries and has not opportunity to influence the prices.
Tagizadeh said that GECF has started to get formed over the last four years and so far has not influenced the situation in the gas market, change in prices and control principles.

He said in the best way, GECF can play a role as an international energy organization, where oil consuming and producing countries come together and share information or declare their joint interests. GECF can play this role in the gas sphere.

Iranian Energy Exchange announces products to be on sale on January 20
Iranian Energy Exchange announces products to be on sale on January 20
Bahar Azadi gold coin price rebounds in Iran
Bahar Azadi gold coin price rebounds in Iran
New solar panel station launched in Iran's Yazd Province
New solar panel station launched in Iran's Yazd Province
Loading Bars
Latest
Germany extends lockdown to Feb. 14 on fears of COVID-19 variants
Qatar's foreign minister wants Gulf Arab nations to talk with Iran
US introduces sanctions against companies and ships due to trading Venezuelan oil
Shopping malls and fairs staff to be Covid-tested regularly
East Kazakhstan plans to vaccinate 20% of its population
Azerbaijan commemorates 31st anniversary of January 20 tragedy
Azerbaijan discloses foreign trade turnover volume
Investors pump $125 million into EV charging startup Volta
President Ilham Aliyev makes Facebook post on anniversary of 20 January tragedy (PHOTO)
Turkey registers 6 818 new COVID-19 cases
Georgia starts developing US-Georgia economic cooperation plan
Iranian Energy Exchange announces products to be on sale on January 20
International Bank of Azerbaijan's net profit declines in 2020
Kazakhstan increases imports from Sweden year-on-year
We propose to declare Shusha cultural capital of Turkic world in 2022 - SecGen of Turkic Council
Liberation of Azerbaijani lands is not just victory for Azerbaijan, it is great victory for entire Turkic world - Turkic Council SecGen
Moral and political support in such difficult time means a lot for our people - President Aliyev
Brussels targets vaccinating at least 70% of EU adults by summer
Shusha will see many international events - President Ilham Aliyev
I think that we will all see revived cities in near future - President of Azerbaijan
Turkic Council is organization that supported us most during war - President of Azerbaijan
We must protect our land and rely only on our own strength - President of Azerbaijan
20th century has not seen such barbarism, vandalism and destruction, deliberate destruction of cities, villages - President Aliyev
Foreign journalists called Aghdam “Hiroshima of Caucasus” - President Aliyev
Azerbaijani Finance Ministry’s securities in great demand at Baku Stock Exchange
Pomegranate orchards to be planted in Azerbaijan's liberated lands
Vatican responds to appeal of CMO chairman on Nagorno-Karabakh
Soviet leadership tried to break will of Azerbaijani people by sending troops to Baku in 1990 - MP (VIDEO)
Azerbaijan, Afghanistan, Turkmenistan sign roadmap to intensify co-op in several spheres
Azerbaijan lists documents needed for visa-free entry for Turkish citizens
Azerbaijan shows footage from Chopurlu village of Kalbajar district (PHOTO/VIDEO)
Russia sends additional equipment to Azerbaijan for demining liberated lands (PHOTO/VIDEO)
Azerbaijan to assess possibilities for dev't of agrarian sector in its liberated lands
Azerbaijan, UAE to ink final agreements on solar energy projects
Azerbaijan’s Baku executive power opens tender to buy spare parts for trucks
Georgia to approve national vaccination plan
MasterCard company seeks to facilitate use of modern payment technologies in Georgia
Uzbekistan’s fuel export to Tajikistan increases in 2020
Bahar Azadi gold coin price rebounds in Iran
Azerbaijan develops program for recycling old cars
TOP-5 trade partners of Azerbaijan in 2020
Azerbaijani ministry highlights work to expand countrywide Internet traffic
Economy Ministry talks main reasons for surge in Georgian Railway's expenditures
State share of Uzbekistan’s enterprise on production of asphalt concrete mixtures sold via electronic auction
Kazakhstan multifold decreases export of petroleum oils to Italy amid COVID-19
Meeting with German experts held in Ministry of Healthcare and Medical Industry of Turkmenistan
International Bank of Azerbaijan unveils 2020 total liabilities
Azerbaijan presents innovative solution in field of entrepreneurship
Israeli pensioners party after COVID-19 booster shots
Turkmenistan’s expanded clay plant names production volume for 2020
Azerbaijani ministry discusses damage to Kalbajar's flora caused by Armenia (PHOTO/VIDEO)
Azerbaijan talks COVID-19 vaccination document for traveling abroad
Istanbul International Airport declared to be busiest airport in 2020
New solar panel station launched in Iran's Yazd Province
IEA forecasts Azerbaijan’s 2021 oil output
HSBC to axe 82 branches in UK, cut services in others
Iran progresses with gas production, distribution
French media reported second Karabakh War only from Armenia's viewpoint - famous photojournalist (PHOTO)
Iran's budget plan aims to solve problems of low-income households
Kazakhstan's 2020 coal extraction volume exceeds plan
Netherlands slightly increase petroleum oil exports volume from Kazakhstan
Uzbekistan’s coal production significantly increases in 2020
Gold price down in Azerbaijan
Armenia's revanchist statements against Azerbaijan threaten primarily its people - Ukrainian expert
Azerbaijan discloses timeframe for commissioning Victory Road to Shusha city (PHOTO)
Georgia reveals revenues from tourism in 2020
Uzbekistan considers measures for expanding industrial products export
Georgian Adjara boosts tangerine exports as subsidy program continues
IEA talks Kazakhstan's OPEC+ deal compliance says oil production remains unchanged
Azerbaijan confirms 949 more COVID-19 recoveries
Azerbaijan's contribution allows reducing greenhouse gas emissions - minister
Azerbaijan ranks with top CIS countries having least public, foreign debts in 2020
Share of Chinese goods in Azerbaijan's total imports grows markedly
Azerbaijan bans import of plastic bags, disposable tableware
Iran reveals COVID-19 data for January 19
Uzbekistan's MFA talks co-op plans with Turkmenistan for 2021
Trade remains main target of Georgian commercial banks for financing
Kazakhstan expands list of activities for several special economic zones
Azerbaijani transport agency's chief sums up activities in 2020
Director of Azerbaijani IT company talks partnership with Slack company
Baku Higher Oil School to host webinar on ‘Natural Resources of Karabakh’
IEA assesses Azerbaijan’s compliance with OPEC+ deal
Azerbaijan ready for co-operation with Iranian companies
Azerbaijan expanding railway co-op with Iran
New copper and gold field discovered in Azerbaijan
Almost 90% see market bubbles in Deutsche Bank investor survey
Uzbek MFA names latest data of trade turnover with Turkmenistan
Boeing 737 MAX to get EU flight clearance next week
How much Azerbaijan's population spend on automobile fuel in 2020?
President Aliyev receives Secretary-General of Cooperation Council of Turkic-Speaking States in video format (PHOTO)
Kazakhstan reports annual increase in production of gold, zinc ore
Uzbek-Korean JV extends tender for purchase of hydraulic ejector
Azerbaijani president expresses condolences to Indonesian counterpart
Turkmen company starts export of environmentally friendly building materials
Kazakhstan’s freight transportation operator opens tender to buy fuel
Azerbaijan's Economy Ministry unveils volume of sold products in industrial parks
Iran's trade turnover with India shrinks
Charter, structure of Azerbaijan's Karabakh Revival Fund approved - decree
Azerbaijani company talks restoration of water supply sources to Shusha (Exclusive)
Chaos as snow hits Japanese highway, 134 cars in crashes
All news