Qatar- OAPEC supports oil-indexed contracts for natural gas.

Representing one of the most important regions of global economic stability, the Organisation of Arab Petroleum Exporting Countries (OAPEC) said yesterday that its members support the long-term oil-indexed contracts for natural gas as they provide guaranteed stability to the market as well as minimise risks on capital-intensive projects.

Speaking at the 48th edition of the GECF Gas Monthly Lecture Series, organised by the Gas Exporting Countries Forum (GECF), and entitled 'The Natural Gas Industry in Arab Countries: Reality and Prospects', the officials of the Kuwait-headquartered agency said: 'In our opinion, long-term contracts bring stability and a win-win situation between the suppliers and the consumers.

OAPEC's Secretary-General, Ali Sabt Ben Sabt; Director of Technical Affairs Department, Dr Samir Mahmoud Elkareish; and Gas Expert Eng Wael Hamed Abdel Moati, noted that between 1990 and 2019 the Arab region witnessed the highest total growth rate of proven gas reserves in the world, from 25 trillion cubic metres (tcm) to almost double at 55 tcm, and yet the production did not match the...