GECF unveils 4th Annual gas market report

GECF unveils 4th Annual gas market report

Doha, QATAR: The Gas Exporting Countries Forum (GECF) is pleased to announce the launch of the fourth edition of its Annual Gas Market Report (AGMR). The Report provides an in-depth analysis of natural gas markets, covering recent developments and providing prospects for 2023-2024.

Eng. Mohamed Hamel, Secretary General of the GECF said: “The Annual Gas Market Report is comprehensive and I hope it will become an essential tool for anyone interested in natural gas.”

The key findings of the report are:

- Record-high and volatile spot prices in Europe and Asia

Spot gas and LNG prices in Europe and Asia reached record highs in 2022, with significant volatility throughout the year. This was mainly due to a tight LNG market as Europe's LNG demand surged to replace lower pipeline gas imports.

- Energy security takes precedence over climate change mitigation goals

Energy security concerns took precedence over climate change mitigation goals in 2022, with policymakers focusing on meeting the energy needs of their people.

- Global gas consumption declined in 2022, but expected to resume growth in 2023

Following a record rebound in 2021, global gas consumption declined in 2022 but is expected to resume growth in 2023 and reach an all-time high level, with the power generation