Gas exporters blast US use of sanctions as weapon

Gas exporting countries have condemned the use of sanctions as a weapon against other nations, in an apparent jab at the United States.

According to Press TV, the Gas Exporting Countries Forum, which has 12 members in the likes of Iran, Russia and Qatar, issued a communiqué at the end of their summit in Bolivia on Friday.

Some members of the group such Russia, Iran and Venezuela have been slapped with unilateral economic sanctions by the United States which is widely believed to be waging an energy war in line with its global domination plans.

In their statement, the Gas Exporting Countries Forum expressed “profound concern” about sanctions that are not authorized by the United Nations.  

Russian Energy Minister Alexander Novak said countries should not let the United States impose such sanctions without a vote of the United Nations Security Council.

The US Congress recently levied sanctions on Moscow, banning international companies from participating in Russian pipeline projects.

Russia, as the world’s second biggest gas producer after the US, depends on its vast artery of pipelines to transfer gas to Europe.   

Washington has also imposed an embargo on Venezuelan gas and oil and threatened to reimpose the sanctions which were lifted on Iran under a 2015 international nuclear agreement.

In the global market, increased output from US shale producers has been a major bug-bear for other oil and gas producers, sending natural gas prices into a tailspin.

Gas prices have slumped more than 80% over the past decade amid a supply glut as US advances in directional drilling and hydraulic fracturing has made the United States the world’s No. 1 producer of natural gas.

On Friday, Novak said the oversupply on the world market could trigger a “crisis” drop in prices, similar to what occurred in the crude oil market, Reuters reported.

The GECF communique said its members agreed to cooperate towards a sustainable global natural gas market, while promoting the fuel’s use.

However, there was no indication how the group planned to confront the US and its subversive ways.

SS