Gas exporting countries reject economic restrictions, political manipulation of prices

Natural gas prices have skyrocketed worldwide. [iStockphoto]

The 7th Summit of the Gas Exporting Countries Forum (GECF), which concluded on Saturday in Algeria, reaffirmed member states' absolute sovereign rights over their gas resources, rejecting unilateral economic restrictions and political manipulation of gas prices.

The Algiers Declaration endorsed at the summit condemned unilateral economic restrictions without prior approval of the United Nations Security Council and any extraterritorial application of national laws and regulations against GECF member countries.

The declaration said those acts negatively impact the development and trade of natural gas and jeopardize the security of the natural gas supply.

The declaration also acknowledged the risks and challenges to the natural gas market arising from the geopolitical and economic situations, and stressed the need for sustainable investments and the integrity of critical natural gas infrastructure.

The GECF, consisting of 12 permanent and 7 observer members as of February, collectively holds about 70 percent of confirmed global gas reserves.