OPEC pledges collaboration with gas exporting countries on market stability

The Organisation of the Petroleum Exporting Countries (OPEC) has pledged to collaborate with the Gas Exporting Countries Forum (GECF) to ensure global energy stability and sustainability.

The oil cartel made said this on Wednesday at the end of the second high-level virtual meeting of the GECF- OPEC energy dialogue.

The meeting was co-chaired by Yury Sentyurin, GECF secretary-general, and Mohammad Barkindo, OPEC secretary-general.

Speaking at the event, Barkindo highlighted the importance of the ongoing dialogue with the GECF.

He said that it is crucial for the organisations of two vital energy sources to regularly cooperate and exchange views on pressing issues in the interest of global energy stability and sustainability.

“The bonds that bring our organisations together run far deeper than the geology that has linked oil and gas since the beginning of time,” he said.

“Today, it is of utmost importance that organisations like OPEC and the GECF continue to work hand-in-hand to ensure that we remain in a strong position to provide secure, stable and sustainable supplies of energy.”

On his part, Sentyurin emphasised that gas remained the most practical option to attain energy transition, spur economic growth and social progress anywhere in the world.

“Together, OPEC and GECF can count on their respective competencies to ensure that the global economy heals after the devastation of coronavirus and that a reliable and secure energy supply serves humanity like never before.”

“Notwithstanding the prevalent reductionism and the cancel culture, the GECF, together with stakeholders like OPEC, aspires to present a balanced energy-transition roadmap to the international community for a constructive and informative debate.

“The GECF-OPEC relationship demonstrates the power of constructive debate to unlock the full potential of the world’s energy system.”

Sentyurin added that GECF and OPEC, as the two largest oil and gas coalitions, should carefully approach decarbonisation, and prevent the artificial acceleration of “greening” the international agenda, at the expense of sustainability of member countries’ energy sectors.

The two intergovernmental organisations noted the importance of crude oil and natural gas to the global economy and in meeting current and future energy demand.

They further highlighted that both commodities would account for around half of the total global energy mix in the decades ahead.