Moscow:Foreign Minister Abbas Araghchi has emphasized the importance of constructive dialogue, responsible conduct, and mutual fulfillment of commitments as essential measures to ease tensions and stabilize global energy markets. He argued that the outcome of these efforts largely depends on the United States' political choices.
According to Islamic Republic News Agency, Araghchi, writing in an article for the Moscow-based Vedomosti newspaper, highlighted energy security as one of the biggest challenges, alongside food security. He attributed the pressures on energy markets to coercive actions by the US in the region. Araghchi noted that more than 112 billion cubic meters of liquefied natural gas (LNG) passed through the Strait of Hormuz in 2025, accounting for nearly one-fifth of global LNG trade. He pointed out that recent US-Israeli actions against Iran and ongoing military threats have led to the closure of the strait, disrupting gas supplies, particularly in Asia.
Gas prices in Europe have risen sharply, with storage levels before winter remaining significantly below those recorded a year earlier. Araghchi mentioned that similar pressures are being felt elsewhere, especially in Asia, which consumes 90 percent of the gas transiting the strait. He emphasized that any disruption has far-reaching consequences, affecting energy security, market stability, and the economic interests of producers and consumers worldwide.
Araghchi urged producers to enhance dialogue, diversify supply routes, protect critical infrastructure, and develop mechanisms to mitigate the impact of geopolitical shocks. He noted that President Masoud Pezeshkian is scheduled to discuss these issues in Moscow this week with counterparts from 11 gas-producing countries.
The Global Gas Outlook 2055, prepared by the Gas Exporting Countries Forum (GECF), projects that 86 percent of global gas production by 2055 will come from fields not currently producing. Iran, ranking second after Russia in proven natural gas reserves, is among the countries with potential, according to Araghchi. The outlook also projects that GECF members' share of global gas production will rise from 38 percent in 2024 to 44 percent in 2055, accounting for 65 percent of net growth in global output.
Araghchi stated that energy cooperation between Iran and Russia could strengthen energy security, expand export capacity, and encourage joint investment. Potential areas for collaboration include Russian investment in Iranian oil and gas fields, technology transfer, equipment supply, and joint engineering projects. However, he acknowledged obstacles such as US military action, unilateral coercive measures, substantial infrastructure investment requirements, and the complexity of long-term contracts.
Iran has proposed a seven-day plan to reopen the Strait of Hormuz and restore normal maritime traffic, contingent on meeting specific conditions and removing military threats. Araghchi concluded that market stability requires political will, mutual trust, cooperation, and the peaceful settlement of disputes.