Rouhani Urges Unity among Oil Producing States for Price Recovery

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Iranian President Hassan Rouhani in a meeting with his Venezuelan counterpart Nicolas Maduro in Tehran called on oil producing countries to enhance cooperation to help remedy the crude prices in the international markets.

“The oil producers need to boost their cooperation to improve the international oil markets’ conditions,” President Rouhani said during the meeting in the Iranian capital on the sidelines of the Gas Exporting Countries Forum (GECF) on Monday.

The Iranian president, meantime, pointed to the status quo of Tehran-Caracas relations, and said, “The two countries’ joint economic commission should enhance its activities after the lifting of sanctions which have been imposed against Iran over its nuclear program.”

The Iranian president, meantime, pointed to the third summit meeting of the Gas Exporting Countries Forum (GECF) which kicked off in Tehran on Monday, and said, “The GECF’s member-states are seeking to produce clean energy and protect the environment.”

The Venezuelan president, for his part, said Tehran and Caracas should prepare the grounds for utmost use from the opportunity that will be created following the lifting of sanctions against Iran in a bid to bolster their bilateral ties.

“The two countries’ relations have been based on mutual political confidence,” he added.

Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Abdallah El-Badri and Secretary General of the International Energy Forum (IEF) Aldo Flores-Quiroga were in Tehran to take part in the Third Summit Meeting of the GECF.

Previous GECF gas summits were held in Qatar in 2011 and in Moscow in 2013. In the run-up to the summit, the ministerial and expert-level meetings were held on Saturday and in the last two days in Tehran preparing the documents for the approval of the forum’s leaders, according to the Ministry of Petroleum.

GECF is the intergovernmental forum of the world’s leading gas producers that provides a framework for exchange of experience, views, information and data, as well as coordination in gas related developments among member countries.

It consists of 19 main and observer members with its permanent secretariat based in Doha, Qatar.

Russia, Iran, Qatar, Algeria, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela, and the United Arab Emirates, are main members of the gas exporting body. Observer countries are the Netherlands, Iraq, Oman, Azerbaijan, Peru, Kazakhstan and Norway.

GECF members account for 42 percent of global gas output, 70 percent of global gas reserves, 40 percent of pipe gas transmission, and 65 percent of global trade of Liquefied Natural Gas (LNG).

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