GECF Concludes Summit in Qatar, Calls for Int’l Dialogue on Energy Security

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
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GECF Concludes Summit in Qatar, Calls for Int’l Dialogue on Energy Security

Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)
Emir of Qatar Sheikh Tamim bin Hamad Al Thani at the conclusion of The Gas Exporting Countries Forum (GECF) summit (QNA)

The Gas Exporting Countries Forum (GECF) concluded its sixth summit, held under the slogan of 'Natural Gas: Shaping the Energy Future' in Qatar.

The 11 gas-producing countries announced they disagree with non-UN economic sanctions against GECF member states.

The leaders of the member states or their representatives met in Doha amid the Moscow-Western crisis, which threatens gas supplies from Russia to Europe, contributing to the rise in gas prices.

Emir of Qatar Sheikh Tamim bin Hamad Al Thani called for strengthening dialogue and cooperation between the member states on the one hand and between exporters and importers on the other.

Speaking at the conclusion of the summit, the Emir appealed to ensure the security of natural gas supplies to world markets and "guarantee the market's stability."

On the sidelines of the summit, Sheikh Tamim received a letter from Russian President Vladimir Putin, which was delivered by Russian Minister of Energy and Minerals Nikolay Shulginov.

The Qatar News Agency stated that the message discussed ways to support and strengthen bilateral relations between the two countries and issues of mutual interest.

"To further promote our role in the production of natural gas, we are endeavoring towards increasing our LNG production capacity from 77 million tons yearly to 126 million tons yearly by 2027," he said, referring to liquefied natural gas.

He announced that Qatar is building a carbon capture facility, the biggest in the Middle East, which will isolate and store 2.5 million tons of carbon per year in four years. By 2030, the facility will isolate nine million tons per year.

"Our summit confirmed our conviction that dialogue is the optimum way to achieve consensus, enhance cooperation, and protect the interests of producers and consumers for the good of their peoples."

"The State of Qatar welcomes working with everyone to make common good, security, and stability prevalent among all peoples of the world," said the Emir.

He recalled that the last two decades highlight the central role of natural gas in the desired energy transition and in the search for a reliable source of energy that provides the right balance between achieving economic growth and dealing with environmental challenges.

The Emir affirmed Doha's continued support for efforts to protect gas exporters and consumers and establish the complete and permanent sovereign rights of member states to develop and exploit their natural resources.

The summit was attended by Algerian President Abdelmadjid Tebboune, Iranian President Ebrahim Raisi, President Filipe Nyusi of Mozambique, President of Equatorial Guinea Teodoro Obiang Nguema Mbasogo, Libyan Prime Minister Abdulhamid Dbeibah, and other heads of delegations.

It also included senior officials, businessmen, decision-makers in the field of economy and energy, and representatives of international institutions and companies.

The GECF says its 11 members and seven associate countries account for 70 percent of proven gas reserves and 51 percent of global liquefied natural gas exports.

The United States and Australia, two other leading exporters, are not part of the forum.



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.