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[size=30]Gas exporters criticize unilateral US sanctions[/size]
25/11/2017 10:29 | Number of readings:
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Trend Press / Agencies
The main gas exporters have opposed unilateral sanctions imposed by the United States on Russia, Venezuela and Iran.
According to Reuters, "representatives of a group of major energy exporting countries, said on Friday," They oppose the use of unilateral sanctions against any foreign members.
The Forum of Gas Exporting Countries, which also includes members such as Libya, Equatorial Guinea and Nigeria, has expressed "deep concern" about sanctions affecting the gas sector and not approved by the United Nations, according to a final statement signed by the 12 member states following a summit hosted by Bolivia this week.
The members of the forum said that members would agree on cooperation to achieve sustainability in the global natural gas market and encourage fuel use.
Washington imposed economic sanctions on a number of members of the forum and the latest steps included Russia measures such as preventing companies from participating in Russian pipeline projects.
Russia is the second largest natural gas producer in the world after the United States, a non-member of the forum, heavily dependent on its network of pipelines to reach its key customers in Europe.
Russian Energy Minister Alexander Novak said earlier on Friday that the United States should not be allowed to impose such sanctions without a vote by the UN Security Council, where Russia holds a permanent seat.
Washington has imposed sanctions this year on Venezuela to pressure Venezuela, and threatened to re-impose sanctions on Iran after lifting it under the nuclear agreement in 2015.
Iran and Venezuela are gas producers and members of the forum, but they do not export it.
The meeting coincides with the difficulties faced by the Forum's member states due to the decline in global gas prices, which is blamed on the growing supply of the US and other countries, which reduces investments and returns in some parts of the industry.
Novak said global gas supplies are now outpacing demand that could lead to a "price crunch" like the crude oil market.
The gas forum, which includes members such as Qatar, Iran, Russia and Venezuela, simulates the Organization of the Petroleum Exporting Countries (OPEC), whose members manage the 12 oil supply to control prices. While the forum calls for increased cooperation to defend the gas market, it has not applied production restrictions OPEC does.
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