Restoring the unity of the GCC: new opportunities for the GECF
18 January 2021
The Forum of Gas Exporting Countries approved the declaration on the restoration of unity of the Gulf Cooperation Council. This step will help build new ties and strengthen positions in the gas market.The Forum of Gas Exporting Countries (GECF) has approved the declaration "On solidarity and stability" adopted at the recently held 41st Summit of the Gulf Cooperation Council (GCC) in Saudi Arabia.
The GECF supported the main ideas of the declaration, which are to establish links at the regional and intergovernmental levels, as well as to strengthen existing relations.
These shared values of cooperation are the guiding principles of the GECF, a coalition of 19 leading natural gas producers and exporters, collectively representing 71% of the world's proven reserves, 44% of market volume, 53% of pipeline gas, and jointly representing 57% of LNG exports worldwide.
According to the Secretary General of the GECF, Yuri Sentyurin, the GCC is one of the largest participants in global gas production and therefore plays a key role in ensuring efficient, environmentally friendly and sustainable energy. In addition, the GCC is a base for activities for institutions such as the Doha Gas Exporting Countries Forum and the Organization of Arab Petroleum Exporting Countries (OAPEC).
Meanwhile, the forum's ministerial meeting reaffirmed the need to meet the world's growing energy needs, as well as to maintain the three pillars of sustainable development, namely economic development, social progress and environmental protection.
As a result of the GCC summit, it was decided to form strategic relations with regional and international partners to enhance the role of the organization in the international community. In addition, the participating countries were called upon to ensure the unrestricted functioning of free and flexible gas markets, along with uninterrupted supplies.
It was also noted that the diplomatic reunification of the GCC countries plays an important role in achieving the goals of the region and allows for further progress in the gas sector. The restored unity of the Gulf States will help to overcome the current difficulties associated with the glut of the market and the consequences of the pandemic, as well as ensure stability in the energy sector around the world.
Sentyurin noted that the signed communique will open a new era of expanding trade between the six countries of the bloc, as well as strengthen cooperation between the forum and the GCC states due to geographical proximity, common member countries and similar values and missions.