Natural Gas is Now a New Geopolitical Power Tool
The summit meeting of the heads of state of the Gas Exporting Countries Forum (GECF) was held in the Iranian capital, Tehran, as a result of which Tehran turned into a hub for delineating the future road map of the global gas industry. This was made possible due to the presence in the summit of high-ranking officials from 18 member states, including 12 main and six observer members. Natural gas, as the cleanest form of fossil fuels, is currently accounting for 25 percent of the global fuel basket. However, current estimates show that due to its low risk of pollution, this fuel will see the most rapid growth in consumption among other forms of fossil fuels, including crude oil. On the other hand, due to possessing 42 percent of the world’s natural gas production and accounting for 67 percent of the world’s natural gas reserves, 38 percent of gas transfer through pipeline and 85 percent of global gas trade in the form of liquefied natural gas (LNG), the member states of the GECF can be considered as the world’s unrivaled gas power.