Iran urges major energy suppliers to ‘effectively counter’ US actions threatening energy markets

Iranian President Masoud Pezeshkian called on major global energy suppliers on Tuesday to condemn and “effectively counter” US measures threatening the stability of international energy markets. Speaking at the 8th summit of the Gas Exporting Countries Forum (GECF) in Moscow, Pezeshkian said geopolitical developments and unilateral measures were creating challenges for global energy security. “Unilateral US sanctions on Iran, as well as restrictions affecting maritime and air access, could have broader consequences for energy markets,” he said in his comments carried by the official IRNA news agency.

“Major energy suppliers should condemn and effectively counter measures that threaten the stability of global energy markets,” Pezeshkian said. He also said US military involvement in the Gulf region could affect energy pricing, supply and transportation, with consequences extending beyond the region. Referring to the ongoing military conflict with the US, Pezeshkian said damage to energy facilities and disruptions to energy transportation could have implications for global energy security and the wider economy.

He called for greater cooperation among GECF members to reduce market vulnerabilities and strengthen the security of energy supply and demand. Pezeshkian also highlighted cooperation in energy governance, technical and engineering activities, technology development and market management. “Iran is seeking to expand joint investment across the natural gas value chain, improve efficiency and increase regional and international gas trade,” he said.

According to Pezeshkian, Iran has an annual natural gas production capacity of around 280 billion cubic meters and is prepared to play a larger role in joint investment projects, gas trade and efforts to strengthen global energy security. He also said Tehran was ready to expand cooperation with foreign investors in upstream and downstream gas projects. The GECF brings together major gas-producing countries and provides a platform for cooperation on developments in global natural gas markets. ​​​​​​​Pezeshkian is scheduled to meet with Russian President Vladimir Putin in Moscow this week.