Gas Exporting Countries Forum seeks bigger global role at Moscow summit

Members of the Gas Exporting Countries Forum approved a final declaration on Tuesday in Moscow aimed at strengthening the organization's role in the international energy arena, according to the outlet Banca y Negocios. The bloc, known as the OPEC of gas, groups twelve nations that hold 70% of the world's natural gas reserves and nearly 40% of its exports.

During the inaugural summit, Russian President Vladimir Putin said that consumption of this hydrocarbon rose 1.2% in 2025, reaching 4.2 trillion cubic meters. The president said the trend would continue in the coming years, climbing to 5.5 trillion cubic meters annually, driven by industrial and agricultural demand.

Agreements reached in the Russian capital include the creation of mechanisms to respond to market crises, the diversification of supply routes and the promotion of long-term contracts to set fair prices. The participating countries also called for the use of modern technologies to reduce emissions and advance toward a low-carbon economy.

At the regional level, investment in the hydrocarbon industry is gaining importance to underpin productive capacity. According to the daily El Nacional, projections for the next five years envision $76 billion in investment in the oil and gas sectors to sustain the expansion of infrastructure.