Gulf unity to bring energy market stability: GECF

SourceTrade Arabia
SectorOil & Gas

The Gas Exporting Countries Forum (GECF, Forum) has welcomed the Al-Ula Declaration on “solidarity and stability” issued at the 41st Summit of the Gulf Cooperation Council (GCC) in the Kingdom of Saudi Arabia, reaffirming the importance of the international dialogue.   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% of their proven reserves, 44% of the source marketed production, 53% of pipeline, and 57% 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.   “The GCC is among the largest contributors to global gas production, and therefore plays a key role in providing efficient, environment-friendly, and sustainable energy. Moreover, the more...