How will diplomatic reunion of GCC affect gas markets?

How will diplomatic reunion of GCC affect gas markets?

BAKU, Azerbaijan, Jan.14

By Leman Zeynalova – Trend:

Diplomatic reunion of the Gas Cooperation Council (GCC) countries is instrumental in achieving the region's ambitions and allows to make further inroads in the natural gas sector, Trend quotes Secretary General of Gas Exporting Countries Forum (GECF) Yury Sentyurin as saying.

He was commenting on the recently adopted Al-Ula communique.

The restored unity among the Gulf States will undoubtedly help to overcome current considerable challenges of a diverse nature and to bring stability to the energy sector globally, noted the GECF secretary general.

“Itself embodying the ethos of diplomacy and multilateralism, the GECF hails the Al-Ula Declaration's goals to build intergovernmental bridges towards a sustainable future regionally and globally. These shared values of cooperation are the guiding principles of the GECF - a coalition of 19 leading producers and exporters of natural gas jointly representing 71 percent of their proven reserves, 44 percent of the source marketed production, 53 percent of pipeline, and 57 percent of LNG exports across the globe - as affirmed in its Statute, the 2019 Malabo Declaration at the outcome of the 5th GECF Summit of Heads of State and Government, and the constitutive acts.”

The milestone agreement, which enabled the GCC states to restore their ties, unify their markets for economic integration, and spur economies in the region will positively reflect on the regional and global energy map, he added.

Between 2009 and 2019, marketed gas production by Gulf Cooperation Council (GCC) members has grown at an average rate of 4.8% per annum, from 265 billion standard cubic meters in 2009 to 422 billion standard cubic meters (Bscm) in 2019. This has been driven by increased demand for gas for electricity generation, power desalination, and petrochemical industries.

Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates are major oil and natural gas producing countries that make up the Gulf Cooperation Council. The six GCC countries fall in the top 25 countries of carbon dioxide emissions per capita and are perceived as the main actors blocking international climate change negotiations.

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Follow the author on Twitter: @Lyaman_Zeyn

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