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Dear friends! For more than three years I've been telling you about the main news, events, trends in the world oil and gas market. I do it for free and without advertising. Therefore I ask you for help. Wognews needs development. You are more than 20 000 people from more than 80 countries. If each donate a small amount of money, $10, $20, $30 or more, wognews will become better. Thank you, Vladimir Vinogradov, the founder of wognews.
2015-11-26 19:40:00

GECF CAN COOPERATE

GECF CAN COOPERATE

Iran's Oil Minister Bijan Namdar Zanganeh responded to Natural Gas Europe's questions at a press conference following the Third GECF Gas Summit on the main challenges of the Gas Exporting Countries Forum (GECF) members.

He explained that the main concerns are the method of setting gas prices, uncertainty about the fate of current gas contracts as well as worries surrounding the situation of members in competition with other gas suppliers.

He said that being in competition together and the existence gas pricing disputes are an inseparable part of this market.

"I think, Iran can become a major gas supplier to the Persian Gulf and regional markets, but European LNG markets are a tough competitive place for Iran."

At the press conference, Minister Zanganeh said that competition with major coal exporters is also another challenge for GECF members.

The Minister also said GECF members have shown that despite differences, they can cooperate together to achieve common interests.

Gas exporters have apprehensions regarding the loss of long-term contracts as the market is rapidly moving in the direction of crude oil where prices are set by the market, according to Minister Zanganeh.

The Iranian Oil Minister said it is too early for GECF to play a role in global gas pricing.

In response to a question raised by the Natural Gas Europe reporter about the most important challenge facing the GECF, the oil minister said: "Gas exporters will always have price concerns and will keep on competing with each other. Meanwhile, in the global market the issue of long-term contracts with fixed prices is going to be abandoned. You may have noted that the issue was reiterated by a number of ministers and heads of state. Although oil markets are open in some parts of the world and are operated by stock markets in some other points and despite the fact that countries can affect prices through supply and demand, but the market will finally set the oil price. Characteristics and conditions in the gas market are rapidly changing to become similar to those of the oil market. Moreover, competing with other energy carriers, coal in particular, is among the challenges facing the gas producing countries.

Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates and Venezuela are members of the GECF. Iraq, Kazakhstan, the Netherlands, Norway, Oman, Azerbaijan, and Peru have the status of observer members.

Together, the GECF's 12 member countries account for 67% of the world's gas reserves, for 64% of global LNG exports and for 42% of cross-border pipeline trade.

naturalgaseurope.com

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More: 

RUSSIA WANTS 13% 

RUSSIA & IRAN: STRATEGIC PARTNERS 

SAUDI WANTS MONEY AGAIN 

OPEC DOESN'T NEED 

RUSSIAN - IRANIAN TALKS

 

 

Tags: GECF, IRAN, GAS, LNG
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RENEWABLE'S FUTURE

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TOTAL BUYS RENEWABLE

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GECF CAN COOPERATE
September, 20, 08:35:00

BP - AZERBAIJAN OIL DEAL

BP and its partners in Azerbaijan's giant ACG oil production complex agreed Thursday to extend the production sharing contract by 25 years to 2049 and to increase the stake of state-owned SOCAR, reducing the size of their own shares.

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September, 20, 08:30:00

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The U.S. current-account deficit increased to $123.1 billion (preliminary) in the second quarter of 2017 from $113.5 billion (revised) in the first quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit increased to 2.6 percent of current-dollar gross domestic product (GDP) from 2.4 percent in the first quarter.

GECF CAN COOPERATE
September, 18, 12:35:00

OIL PRICE: ABOVE $55

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading up 41 cents, or 0.8 percent, at $50.30 by 0852 GMT, near the three-month high of $50.50 it reached last Thursday. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, were at $55.91 a barrel, up 29 cents, and also not far from the near five-month high of $55.99 touched on Thursday.

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September, 18, 12:30:00

RUSSIA - CHINA - VENEZUELA OIL

“The principal risk regarding Russian and Chinese activities in Venezuela in the near term is that they will exploit the unfolding crisis, including the effect of US sanctions, to deepen their control over Venezuela’s resources, and their [financial] leverage over the country as an anti-US political and military partner,” observed R. Evan Ellis, a senior associate in the Center for Strategic and International Studies’ Americas Program.

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