Gas Exporting Countries' Leaders Conclude Summit with Moscow Declaration

Leaders of the Gas Exporting Countries Forum concluded their eighth summit by adopting the "Moscow Declaration" held today in the Russian capital under the chairmanship of President Vladimir Putin. The heads of delegations approved the final declaration following the plenary session hosted at the World Trade Center in Moscow, attended by leaders and officials from member states. The session included participation from 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 Mohammed al-Menfi. Acting President of Venezuela Delcy Rodriguez contributed via a recorded speech, while Algeria was represented by its Prime Minister, and other countries sent their energy ministers. Earlier, Russian Presidential Aide Yuri Ushakov announced that the "Moscow Declaration" affirms the role of member states as reliable suppliers of natural gas and highlights their contribution to global energy security. He noted that the document addresses enhancing cooperation to diversify gas trade routes, implementing modern technologies, reducing environmental impacts, ensuring fair and predictable prices, and minimizing market volatility. The summit was preceded by a ministerial meeting discussing challenges to global energy security and ways to stabilize gas markets. Russian Energy Minister Sergei Tsivilev stated that the Strait of Hormuz crisis affected about 20% of global liquefied natural gas supplies, considering that unilateral restrictions on some member countries contributed to increased market volatility and price rises. The forum includes 12 full members, including Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, the UAE, and Venezuela. Data indicate these countries hold approximately 70% of the world's proven natural gas reserves, 38% of global production, 42% of exports, and 47% of liquefied natural gas exports.