MOSCOW, October 27. /TASS/. Member states of the Gas Exporting Countries Forum (GECF) have expressed concern regarding the impact of geopolitical developments, including those in the Middle East, on the stability of the gas market. They also highlighted increased investment risks and volatility in gas prices, according to the declaration adopted following the summit in Moscow.
"We, the Heads of State and Government of member countries of the Gas Exporting Countries Forum, gathered on October 27, 2026, the year marking the 25th anniversary of the Gas Exporting Countries Forum, for the eighth Gas Summit in Moscow <…> expressing our deep concern regarding the adverse impact of geopolitical developments, particularly in the Middle East, on the stability, security, and sustainability of the global gas market, including disruptions to gas supplies, heightened uncertainty regarding the security of gas supply and demand, increased investment risks, and significant volatility in gas prices," said the document released on the Kremlin’s website.
The Gas Exporting Countries Forum includes Russia, Iran, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Qatar, Trinidad and Tobago, the United Arab Emirates, and Venezuela. Angola, Azerbaijan, Iraq, Malaysia, Mauritania, Mozambique, Peru, and Senegal are observer states. GECF members hold roughly 70% of the world’s proven gas reserves, account for 38% of global gas production and 42% of global gas exports, and represent 47% of global exports of liquefied natural gas (LNG).