Iran's weight in GECF and regional gas markets
By Dalga Khatinoglu, exclusively for Iran’s Oil Ministry’s magazine * Iran is preparing host to a summit of the world’s major gas producing countries next week. The meeting of the Gas Exporting Countries Forum (GECF) on 23 November brings together such major producers as Russia, Qatar and Algeria as well as Iran. Together, the GECF’s 12 member countries account for 67% of the world’s gas reserves, for 64% of global LNG exports and for 42% of cross-border pipeline trade. Iran with 34 trillion cubic meters of gas reserves ranks number one in the world, but the huge amount of domestic consumption allows the country to export only about 30 million cubic meters per day (mcm/d) of gas despite a 700-mcm/d production level. However, in the light of country's hope for lifting of sanctions in the first half of 2016 as well as accelerating development of giant South Pars, Iran is preparing to become a major gas exporter in medium term. Coming to GECF, Iran advantages a unique geo