The world's top natural gas exporters are meeting in Algeria - and despite some challenges they seem hopeful about their future prospects.

Algiers Province

Natural gas suppliers from around the globe have gathered in Algeria to discuss the future of their industry. Despite facing several challenges, the sentiments among these top exporters appear to be optimistic regarding the outlook of their businesses. The meeting signifies a crucial convergence for stakeholders to strategize on navigating the complexities of the global natural gas market.



Natural gas suppliers meet in Algeria

It's the cleanest of fossil fuels and natural gas producers are confident of sustained demand for decades. 70% of the world's gas reserves belong to the 19-member Gas Exporting Countries Forum, or GECF. 10 heads of state gathered in Algiers to explore ideas and develop consensus. In addition to rebuilding the energy sector after the coronavirus pandemic and lack of adequate investment, challenges from attacks on pipelines and gas export routes were the focus of discussions. Algeria reiterated to delegates that gas is affordable, reliable, and environmentally friendly. While exporters quote the green credentials of gas, they simultaneously reject the use of climate change issues to hinder investment. And as they agree to expand and build consensus to invest more, GECF wants implementation of international trade rules to avoid discrimination or restriction. Members have agreed to tackle issues with a united vision. Gas exporters say that gas can be used to achieve climate neutrality with minimal financial burden on the global economies. Forum members say their group does not limit gas production or import quotas like the oil cartel, OPEC. That confidence in global demand means countries such as Russia can withstand restrictions and crippling Western sanctions. Algeria exports gas to Europe. This is their export policy because all African countries develop their export to support their economies. Regarding Russia, as our president said, if there are no gas deliveries to Europe by Ukraine, we will live with that because we have been opening our exports in the East Asia-Pacific countries, countries of global south. We also developed a domestic market, increasing local gasification volume to the Russian regions. Gas exporters are looking to ensure investment, expand production, and more importantly, make sure that there is a steady gas price. Unlike oil, gas producers do not have the ability to control gas prices by limiting how much gas they produce. And alliances such as the GECF can help them achieve these goals. If we want to ensure steady supplies, we need to entice more investments, and we need to stabilize prices. If we want to ensure very good supplies, let's say let's ensure stability in the global natural gas market. Gas producers not just benefit from increasing consumer demand, but also the world's attempts to reduce coal and oil dependency. With an estimated 34% growth in global demand by 2050, secure profits for gas-rich countries are predicted. As-salamu alaykum, Al Jazeera, Al Jazeera.

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