GECF: Need to get reorganized to compensate for stagnation in natural gas industry

November 13th, 2020

APS :Thursday, 12 November 2020

ALGIERS- The minister of Energy and chairman of the 22nd ministerial meeting of the Gas Exporting Countries Forum (GECF), Abdelmadjid Attar, stressed Thursday, in Algiers, the need for gas exporting countries to be reorganized so that to compensate
for the stagnation in the field of natural gas, mainly due to Covid-19 and oversupply.
“To compensate for the stagnation in the natural gas industry, we need to get reorganized and reinvent ourselves to increase our strength in these difficult times,” Attar said in an opening address at the 22nd GECF ministerial meeting, being held on Thursday by video link.
The minister of Energy said market conditions are improving, noting that “the number of risks and uncertainties remains significant, both in relation to the pandemic and to the state of the economy.”
“The GECF ministerial meeting was taking place in a context of extraordinary circumstances and the year 2020 has been unusual”.
Attar said the “combined effects of Covid-19 and the collapse of oil and gas prices in 2020 have led to a massive global economic contraction.”
These two shocks, according to the minister, interrupted economic activity and “imposed strict limits on the budgetary resources available to cushion the socio-economic impact and support the recovery”.