Definition
The Gas Exporting Countries Forum is an intergovernmental organization of 16 member states that 11 of the world’s leading natural gas producers made up of Algeria, Bahrain, Belarus, Bolivia, Brunei Darussalam, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago Turkmenistan, and Venezuela. GECF members together control over 70% of the world’s natural gas reserves, 38% of the pipeline trade and 85% of the liquefied natural gas production. The three largest reserve-holders in the GECFRussia, Iran and Qatartogether hold about 57% of global gas reserves.
Gas Exporting Countries Forum – GECF
What is ‘Gas Exporting Countries Forum (GECF)’
An organization of the world’s leading gas producers that was established in 2001 to represent and promote their mutual interest. GECF members collectively hold more than 70% of the world’s natural gas reserves. As of 2010, the GECF has 11 regular members – Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad & Tobago and Venezuela. It also has three members with observer status – Kazakhstan, Netherlands and Norway.
Explaining ‘Gas Exporting Countries Forum (GECF)’
Given that a number of GECF members also belong to OPEC, there has long been speculation about the organization becoming a “Gas OPEC.” However, some observers believe that the fundamental differences in the two organizations, as well as the fact that crude oil and natural gas are very different commodities, may hinder the formation of GECF into a gas cartel along the lines of OPEC.
Further Reading
- Determinants of oil price subsidies in oil and gas exporting countries – www.sciencedirect.com [PDF]
- Commodities risk premia and regional integration in gas-exporting countries – www.sciencedirect.com [PDF]
- THE GAS EXPORTING COUNTRIES FORUM HAS NO CARTEL AMBITIONS – www.tandfonline.com [PDF]
- The likelihood and potential implications of a natural gas cartel – www.elgaronline.com [PDF]
- A dynamic spillover analysis of crude oil effects on the sovereign credit risk of exporting countries – www.sciencedirect.com [PDF]
- Performance Measure on Factors Influencing Production Capacity in the Natural Gas Industry with Comparison to Gas Exporting Countries [GEC] – s-space.snu.ac.kr [PDF]
- CO2 emissions, energy consumption, economic growth, and financial development in GCC countries: Dynamic simultaneous equation models – www.sciencedirect.com [PDF]
