Sanctions Hurting Gas Market

Mohammad Hossein Adeli, who served as the secretary general of the GECF January 2014–January 2018, made the remark at the Second International Gas Seminar during the 2019 summit of Gas Exporting Countries Forum in Malabo, Equatorial Guinea, Wednesday.

The Oil Ministry news agency Shana said the meeting was held November 26-29 and ministers and top officials from all GECF nations discussed the future of natural gas in the chaotic energy market.

Held every two years, the GECF summit brings together heads of state and government officials of the members nations, including Iran, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the UAE and Venezuela, Azerbaijan, Iraq, Norway, Kazakhstan, Oman, Peru and Angola have observer status, Financial Tribune reported.

The summit provides conferees an avenue to discuss trends in the gas market and future potential policies for the key energy sector.

Adeli attended the seminar, on behalf of Oil Minister Bijan Namdar Zanganeh, which focused on “how to deal with the current challenges and create a sustainable future for the gas market”.

Tool of War

He said sanctions are being used as a means of war against some members of the GECF, which will negatively affect the natural gas market.

“The idea of economic terrorism is to prevent nations from having normal trade relations. Unilateral transnational sanctions, as a means of war, must stop,” he stressed.

Adeli added that countries, including those producing and exporting gas, have been directly or indirectly affected by this unjust instrument of war.

Last May President Donald Trump tore up the landmark 2015 nuclear deal Iran had signed with the six world powers. The US reimposed economic sanctions on Iran last August, mainly targeting the key industrial sectors. Last November Washington imposed a second round of sanctions, targeting the key energy sector.

The US has also put sanctions on other GECF members including Russia and Venezuela.

The GECF is an international governmental organization which provides the framework for exchanging experience and information among member countries.

It also seeks to build a mechanism for a more meaningful dialogue between gas producers and consumers for the sake of stability and security of supply and demand in global markets.

GECF has a strong position in the global gas market and among international energy organizations. Its potential rests on the enormous natural gas reserves of member states accounting for over 70% of the world proven gas reserves.