The participants in the GECF will discuss the situation with the oil prices and the new market model


Moscow. November 19. The Ministers of the Forum of gas exporting countries (GECF) on the eve of the summit of heads of state forum will discuss the situation with oil prices, told reporters by energy Minister Alexander Novak.

“At the Forum of gas exporting countries, we will discuss a wide range of issues. Including, I think, we and this issue will be discussed. The situation in the oil market is quite complex, oil prices are quite low,” he said.

Ministerial meeting of the GECF countries are expected to be held in Tehran on 21 November. The Ministerial meeting is held on the eve of the summit of heads of States of the GECF, which will be held on November 23. Russia at the summit will be represented by President Vladimir Putin.

Novak also said that one of the issues could also be the introduction of a new analytical model of gas market development developed by the Executive Committee of the GECF. According to him, earlier the GECF countries have used information and projections provided international analytical agencies.

“Now we have developed our own model that gives its own assessment of the situation in the market, monitors the volume of production, transportation and refining of gas. That is, in General, a monitoring 90-95% of gas that is produced and processed. This gives us the opportunity to do further self-assessment of development prospects for the gas market”, – said the Minister.

“We will at the Ministerial meeting of this model. There are comments, but overall, as an idea, it’s correct,” he added. “At the meeting of the first persons to discuss the communiqué and the main points which agree and declare the first person in the part of the gas policy,” said Novak.