The Forum of Gas Exporting Countries: an ambitious project with unrealized potential

Abstract

The article considers the issues of the Forum of Gas Exporting Countries (GECF), established in 2001 and transformed into an international organization in 2008. It is shown that the objectives of policy coordination between the largest gas exporters alongside with the ability to influence on the world prices were aimed when creating the organization. However, the potential of the GECF was not realized. The participants of the Forum act as competitors in the foreign markets and do not coordinate their policies. It occurs due to diplomatic efforts of gas importers, unresolved contradictions between exporters-creators of the Forum, adjustment of the basic principles of the global gas market functioning due to increased deliveries of liquefied natural gas. Russia is the largest world gas exporter, thus the failure of the GECF to influence the global gas market does not correspond to the economic interests of the country.