Energy ministers from the 12 members of the Gas Exporting Countries Forum (GECF) agreed at the weekend on the need for "collective action" to address the issues facing the industry -- especially in the area of supply and demand, the GECF said in a statement.
At the GECF ministerial summit in Tehran, the meeting's president Emmanuel Ibe Kachikwu -- Nigeria's minister of state for oil -- also urged members to enhance their mutual work in a bid to promote gas across the world.
"The ministerial meeting reiterated the need for common understanding and collective action among GECF member countries to address common challenges in the gas industry, in particular, developments in the energy market with a focus on supply and demand," the GECF said.
Like in the oil sector, gas prices across the world are at multi-year lows and markets increasingly well supplied.
The expected rapid growth in LNG production in the coming years means that global gas markets will continue to enjoy abundant supply, while prices, as a result, are expected to stay depressed.
The GECF has so far rejected the idea of taking a more active role in managing gas markets, including through supply limitations, in a bid to support prices.
But Kachikwu said that the GECF countries faced a number of challenges, emphasizing the need for "enhanced cooperation and coordination among GECF member countries to promote gas."
The ministerial meeting was attended by ministers from Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the UAE and Venezuela.
Energy ministers from Iraq, Kazakhstan, the Netherlands, Norway, Oman and Peru attended as observers.
A further meeting at heads-of-state level -- which includes Russian President Vladimir Putin and Iran's President Hassan Rouhani -- is taking place Monday in Tehran.
