Egypt, Qatar to Boost Cooperation Through Gas Exporting Countries Forum

Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla receives Qatari Energy Minister Saad bin Sherida al-Kaabi in Cairo on Monday (Asharq Al-Awsat)
Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla receives Qatari Energy Minister Saad bin Sherida al-Kaabi in Cairo on Monday (Asharq Al-Awsat)
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Egypt, Qatar to Boost Cooperation Through Gas Exporting Countries Forum

Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla receives Qatari Energy Minister Saad bin Sherida al-Kaabi in Cairo on Monday (Asharq Al-Awsat)
Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla receives Qatari Energy Minister Saad bin Sherida al-Kaabi in Cairo on Monday (Asharq Al-Awsat)

Egypt and Qatar have agreed to bolster cooperation in the energy sector at the Gas Exporting Countries Forum (GECF) through continuous bilateral coordination.

Egyptian Minister of Petroleum and Mineral Resources Tarek El-Molla held talks on Monday with Qatari Energy Minister Saad bin Sherida al-Kaabi.

In a press statement, Molla said that there is a mutual wish to push bilateral relations “toward wider prospects amid the fraternal ties and promising opportunities”.

The meeting showcased the current projects of Qatar in Egypt whether in gas and petroleum exploration in the Red Sea and the Mediterranean Sea or in the field of petroleum refining.

It took place ahead of the 24th Ministerial Meeting of the GECF which will be held in Cairo Tuesday.

The discussions dealt with energy relations and cooperation between Qatar and Egypt.

In the meantime, the GECF Global Gas Model and Accelerated Energy Transition Scenario Workshop was held in Cairo to discuss opportunities and challenges which the gas industry faces globally.

During his inaugural speech, Molla underscored the importance of long-term cooperation among the members of the Forum.

The Forum is considered an opportunity to exchange ideas about the challenges and opportunities in the energy industry, and it provides a space for constructive dialogue, said the minister.

“Natural gas has gained great momentum as the optimal source of energy in Egypt,” he added.

The workshop was attended by some GECF ministers and Secretary-General Mohamed Hamel.



Rosneft: OPEC+ Decision to Speed Up Output Increase Justified

FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo
FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo
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Rosneft: OPEC+ Decision to Speed Up Output Increase Justified

FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo
FILE PHOTO: Chief Executive of the oil producer Rosneft Igor Sechin attends a plenary session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia, June 20, 2025. REUTERS/Anton Vaganov/File Photo

Head of Russia's largest oil producer Rosneft Igor Sechin said on Saturday that the decision by the OPEC+ to speed up output increase now looked far-sighted and justified in the light of the confrontation between Israel and Iran.

OPEC+ crude output represents about 41% of global oil production. The group's main objective is to regulate the supply of oil to the global market.

The Organization of the Petroleum Exporting Countries and its allies, led by Russia, in April agreed a bigger-than-expected output hike for May.

OPEC+ has since decided to continue with more than planned hikes.

"The decision taken by OPEC leaders to forcefully increase production looks very far-sighted today and, from the market's point of view, justified, taking into account the interests of consumers in light of the uncertainty regarding the scale of the Iran-Israel conflict," Sechin said.

Besides the 2.2 million bpd cut that the eight members started to unwind in April, OPEC+ has two other layers of cuts that are expected to remain in place until the end of 2026.

Oil prices had initially fallen in response to the OPEC+ decision to increase oil production, but the outbreak of an aerial war between Israel and Iran has so far been the main factor behind their return to around $75 per barrel, levels unseen since the start of the year.

Speaking at the St. Petersburg International Economic Forum, Sechin, a long-standing ally of Russian President Vladimir Putin, also said there will be no oil glut long-term despite the production rise due to low stockpile levels, though rising usage of electric vehicles in China might hit oil demand.

Putin said on Friday he shared OPEC's assessment that demand for oil will remain high. He also said that oil prices had not risen significantly due to the conflict between Iran and Israel, and that there was no need for OPEC+ to intervene in oil markets.