Gas exporters call for ‘fair price’ at Bolivia summit

Gas exporters call for ‘fair price’ at Bolivia summit

Gas exporters call for ‘fair price’ at Bolivia summit

Gas exporting countries, grappling with collapsed global markets, have called for a “fair price” for the commodity after a summit in Bolivia.
The Gas Exporting Countries Forum sought a “fair price for natural gas,” taking into account its environmental benefits and energy efficiency, a declaration on Nov. 24 said.

The price of natural gas is linked to that of petroleum and its derivatives, and is down roughly 50 percent from peaks of three years ago - partly from rising shale gas production in the United States, which does not belong to the Forum.

Bolivian President Evo Morales, one of the last Latin American leftist leaders, said producers should combat “those who want to appropriate our resources through abusive price manipulation.”

In coming decades, the role of petroleum in the global energy mix will fall from 32 percent to 29 percent while gas will rise to 26 percent from 22 percent, Seyed Mohammad Hossein Adeli of Iran, the Forum’s secretary general, told the group’s opening session.

The 12-country group, which aims to strengthen collaboration among members, includes Venezuela, Russia and Qatar, the world’s largest exporter of liquefied natural gas.

Forum members hold about 70 percent of global natural gas reserves.