MOSCOW, October 27. /TASS/. Member states of the Gas Exporting Countries Forum (GECF) intend to establish mechanisms for responding to crisis situations on the gas market, according to the declaration adopted following the summit in Moscow.
"We declare our shared determination to establish mechanisms to respond to crisis situations on the gas market, including the expansion of high-level consultations to assess the impact of external shocks, coordinate actions to ensure reliable gas supplies, and develop effective tools to support energy security," the document reads.
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).