MOSCOW, October 26 (HS/RIA Novosti) - The destabilization of the situation in the Strait of Hormuz has hit the global fuel and energy industry, affecting 20% of the global liquefied natural gas supply, Russian Energy Minister Sergey Tsivilev said on Monday.

The destabilization of the situation in the Middle East has inevitably hit the global fuel and energy complex, raising gas prices, limiting supplies worldwide and disrupting long-term corporate investment plans, he said at the 28th Ministerial Meeting of the Gas Exporting Countries Forum (GECF) in Moscow.

A number of GECF member states — Iran, Venezuela, and Russia — have faced illegal unilateral restrictions on their energy trade, exacerbating market volatility and driving up prices for end consumers, he said.

Our forum today unites states that account for the main share of global natural gas production and reserves. This places a special responsibility on us for the stability of global energy markets. To effectively respond to new challenges, we must focus on several practical steps, Tsivilev said.

He added that it is important to jointly oppose the creation of barriers to free trade in energy and technologies, protect critical gas infrastructure, expand the number of GECF states and their dialogue partners, work together to make gas and LNG equipment, harmonize standards, and strengthen the research base.

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Hindusthan Samachar / Indrani Sarkar