The Gas-Exporting Countries Summit commenced its proceedings in Algeria today, Saturday, with the participation of several leaders, including Iranian President Ebrahim Raisi and Qatari Emir Sheikh Tamim bin Hamad Al Thani, amid tensions in global markets. Algerian President Abdelmadjid Tebboune emphasized in his speech that the summit of the "Gas Exporting Countries Forum" represents "an opportunity to create a shared vision to safeguard the interests of both gas producers and consumers."
He noted that natural gas plays "a fundamental role in achieving sustainable development and meeting the growing global energy needs." The International Energy Agency projected in its latest quarterly report published in January that demand for gas will see a significant increase in 2024 compared to the previous year, attributing this to expectations of lower temperatures and declining prices for the commodity.
President Tebboune stressed that Algeria "recognizes with all partners that natural gas is an abundant, cost-effective energy source, environmentally friendly, and supportive of integrating renewable energy sources. Algeria has always supported the idea of expanding the role of natural gas in sustainable development and using it as a clean energy source alongside new and renewable energies."
He added, "If we all seek to strengthen technological progress in this field and long-term contracts with fair prices and policies that encourage investment amidst energy challenges, then today's challenges require us to enhance dialogue and multilateral efforts that lead to achieving the goals we set at the founding of our forum."
The forum countries held a preparatory ministerial meeting for the summit on Friday.
