The 7th Summit of the Gas Exporting Countries Forum (GECF) that took place in Algeria recently has underlined the absolute sovereign rights of member states over their gas resources. This includes a firm rejection of any unilateral economic restrictions and political manipulation of gas prices.
The Algiers Declaration, which was approved during the summit, criticized unilateral economic restrictions that are imposed without the prior approval of the United Nations Security Council. It also condemned any extraterritorial application of national laws and regulations against GECF member countries.
According to the declaration, such actions have a negative impact on the development and trade of natural gas, ultimately jeopardizing the security of the natural gas supply. In addition, the declaration recognized the risks and challenges faced by the natural gas market due to geopolitical and economic factors.
The need for sustainable investments and the preservation of critical natural gas infrastructure was also emphasized in the declaration. The GECF, which is made up of 12 permanent members and 7 observer members, collectively holds approximately 70 percent of confirmed global gas reserves.
