Oman Joins GECF

Oman has become the latest and 11th member of the Gas Exporting Countries Forum (GECF).

Estimates put Oman’s natural gas reserves at around 30 trillion cubic feet. The country ranks No. 2 in terms of Middle East natural gas exporters.

The producers’ group was established as a forum to share market information and increase cooperation among member states similar to the Organization of the Petroleum Exporting Countries, hence it oftened referred to as the international natural gas cartel.

Gas producers have been seeking to narrow the gap between prices for gas and crude oil without trying to limit production, said Hamad Bin Khalifa Al Thani, the Emir of Qatar, the world’s largest exporter of liquefied natural gas.

Iran’s Oil Minister Rostam Qasemi called in contrast for the GECF, to develop “a comprehensive market management plan” that would allow them to react to demand fluctuations by adjusting supply.