What does Gas Exporting Countries Forum -GECF mean?
The Gas Exporting Countries Forum (GECF) is a group of 11 countries that produce around 70% of natural gas globally. It is a forum to exchange experience, data and coordinate in gas-related matters.
Futures Knowledge Explains Gas Exporting Countries Forum -GECF
Like OPEC for oil, GECF is a group for gas but not a cartel.
Russia, the world's largest producer of natural gas, is its leading member. Iran and Qatar with the world’s third and fourth largest gas reserves are its prominent members. Other members include Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Trinidad and Tobago, United Arab Emirates and Venezuela. Besides these, some countries such as Iraq, Kazakhstan, the Netherlands, Norway, Oman and Peru are its Observer Members. GECF member-countries all together have more than two-third of the world proved natural gas reserves and has a strong position on the world gas market.