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Gas exporting countries adopt no decision on price policy — Russian energy minister

December 16, 2014, 15:55 UTC+3 DOHA
Participants of the Gas Exporting Countries Forum discussed a study which analyzed the situation on the gas markets, taking into consideration that the gas prices depend on oil prices
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© AP Photo/Osama Faisal

DOHA, December 16. /TASS/. The member-states of the Gas Exporting Countries Forum (GECF) failed to adopt any joint decisions on Tuesday after discussing the gas price situation, Russian Energy Minister Alexander Novak has said.

“Of course, we discussed the current situation over prices, but only in the way of monitoring. No decisions on any actions were discussed. We have no such targets and goals,” Novak told TASS.

The participants discussed a study which analyzed the situation on the gas markets, taking into consideration that the gas prices depend on oil prices on many long-term contracts.

Chairman of the Gazprom Board of Directors Viktor Zubkov said on Monday Russia planned to discuss the situation over gas and oil prices with the member-states of the group.

Infographics Oil prices over 30 years Oil prices over 30 years
Year-average inflation-adjusted oil price. Infographics by TASS
“We will consider the current situation, there is no avoiding oil and gas prices, because the gas price depends on the price for oil. These issues will also be in the focus of participants in the forum,” he told journalists before leaving for Qatar.

Headquartered in Doha, Qatar, the Gas Exporting Countries Forum, a gathering of owners of 73% of the global gas reserves who account for 42% of global gas production, was initiated by Iran in 2001.

Members of the forum are the world’s leading natural gas exporting countries: Iran, Algeria, Bolivia, Libya, Russia, Nigeria, Equatorial Guinea, Qatar, Egypt, Trinidad and Tobago, and Venezuela. Kazakhstan and Norway enjoy the observer status.

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