Eco
Leaders of the member countries of the Gas Exporting Countries Forum concluded their eighth summit in Moscow by endorsing the "Moscow Declaration" as the final document reflecting the forum's directions. This took place during the general session held at the World Trade Center in Moscow, attended by heads of delegations from several countries, including Iranian President Masoud Pezeshkian, Qatar's Emir Sheikh Tamim bin Hamad Al Thani, Mozambique's President Daniel Francisco Chapo, Equatorial Guinea's President Teodoro Obiang Nguema Mbasogo, and Libya's Presidential Council Chairman Mohamed al-Menfi. Additionally, Venezuela's acting president Delcy Rodriguez participated via a recorded message, while Algeria was represented by its Prime Minister, and other member states sent their energy ministers. Russian Presidential aide Yuri Ushakov had announced prior to the summit that the "Moscow Declaration" would emphasize the role of member states as reliable suppliers of natural gas and highlight their contribution to enhancing global energy security. The declaration stressed the development of cooperation among member countries to diversify gas trade routes, implement modern technologies, reduce environmental impacts, ensure fair and more predictable natural gas prices, and decrease market volatility. The summit was preceded by the 28th ministerial meeting of the forum held in Moscow on October 26, which discussed challenges to global energy security and ways to enhance gas market stability. In this context, Russian Energy Minister Sergey Tsivilev noted that the Strait of Hormuz crisis affected about 20% of global liquefied natural gas supplies, emphasizing that unilateral restrictions imposed on some member countries, including Russia, Iran, and Venezuela, contributed to increased market volatility and price rises. The Gas Exporting Countries Forum comprises 12 full members, including Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, the UAE, and Venezuela. Data presented by the Kremlin before the summit indicated that member countries hold approximately 70% of the world's confirmed natural gas reserves, 38% of global production, 42% of gas exports, and 47% of liquefied natural gas exports.
