Oil Minister Mohsen Pakhnejad said Sunday that GECF members welcome Iran’s proposal to transform the group into an organization similar to the OPEC bloc of oil exporting countries.
Mr. Paknejad made the remarks after meeting with colleagues at the GECF Ministerial Meeting in Doha, Qatar.
Iran’s push for a more influential role for the GECF in global energy markets is aimed at protecting the interests of gas exporting countries from the politicized decisions of major consumers, including European countries, according to an analysis by Tasnim news agency.
The report said Iran and Russia control more than 40% of the world’s natural gas resources but have little say in controlling supply and prices in major markets such as Europe.
“Both Iran and Russia understand that remaining inactive on global markets means relinquishing power to consumers,” the report said.
GECF was formally established at the end of 2008, based on the idea of coordinating activities in the global gas sector.
The group currently consists of 20 countries, which together control more than 70% of the world’s proven natural gas reserves and nearly 45% of global market production.
Iran exports large amounts of gas to neighboring countries Iraq and Türkiye. However, foreign sanctions have prevented the country from expanding its gas sector and increasing export volumes.
Western sanctions have had a major impact on Russia’s gas exports to Europe since it went to war with neighboring Ukraine in 2022.
MNA/Press TV