TSIVILYOV: DESTABILIZATION IN THE STRAIT OF HORMUZ AFFECTS GLOBAL INDUSTRY

MOSCOW, 26 October /SRNA – RIA Novosti/ – The destabilization in the Strait of Hormuz has affected the global fuel and energy industry, impacting 20 per cent of global liquefied natural gas supplies, Russian Energy Minister Sergei Tsivilyov stated.

“The destabilization of the situation in the Middle East has inevitably affected the global energy sector, driving up gas prices, restricting supplies worldwide and disrupting long-term corporate investment plans,” Tsivilyov said at the 28th Ministerial Meeting of the Gas Exporting Countries Forum in Moscow.

He added that several members of the group, namely Iran, Venezuela and Russia, had faced unlawful unilateral restrictions on energy trade, further aggravating market instability and increasing prices for end consumers.

“Our forum brings together countries that account for a major share of global natural gas production and reserves. This places a special responsibility on us to ensure the stability of global energy markets. To respond efficiently to new challenges, we must focus on several practical steps,” Tsivilyov stressed.

He pointed out the importance of jointly opposing barriers to the free trade of energy and technologies, protecting critical gas infrastructure, and expanding the number of gas-exporting countries and their dialogue partners.