IEF15 Forum: “Focusing on gas energy as a substitute to plummeting oil prices”

The Final Declaration of the 15th International Energy Forum of Algiers (IEF15) has brought out the importance of natural gas, noting that the oil industry is facing “structural challenges” owing to the collapsing oil prices on the world market.

In the final declaration distributed to reporters following the Forum’s proceedings, held behind closed doors, the participants pointed to the major role of natural gas in energy supply with the growing demand and the need to shift to this type of energy which is “available” and “clean”.

The delegations taking part in the event agreed to carry on dialogue among producers and consumers so as to shore up global energy security and facilitate energy transition.

The participants also addressed the impact of the imbalance of market fundamentals on energy investment since the last forum, held in Moscow in 2014. 

The imbalance, however, has spawned new significant opportunities for the required energy sector’s reform, the declaration underscored.

With regard to the theme of the first plenary session (oil markets, prospects and challenges), the delegates noted, in the declaration, that the challenge of stability persists even though the volatility of prices is expected to lessen any time soon.

The participants in the IEF 15 Forum also underlined the persistence of the uncertainty of offer and demand on the international market.