Major gas exporters have met in Algiers amid ongoing tensions in the markets following Russia's incursion into Ukraine, while strong demand growth is expected this year, AFP reports.
A ministerial meeting of representatives of members of the Gas Exporting Countries Forum (GECF) was held in Algiers this morning ahead of a summit of their leaders, which is expected to be attended by Algerian President Abdelmajid Teboun, his Iranian counterpart Ebrahim Raisi and Qatar's Emir Tamim bin Hamad Al Thani.
The GECF, founded in 2001, brings together 12 countries: Algeria, Qatar, Russia, Iran, Bolivia, Egypt, Equatorial Guinea, Libya, Nigeria, Trinidad and Tobago, Venezuela and the United Arab Emirates.
According to the club, its members and seven other associated countries account for 70% of proven gas reserves and 51% of global LNG exports.
At the opening of the ministerial meeting, Algerian Energy Minister Mohamed Arkab stressed the need for "a continuous and serious dialogue between producers and consumers to build a common vision for the future that recognises the growing role of natural gas in the global energy mix as a sustainable and competitive source capable of guaranteeing energy security".
In a summary of its annual report "Global Gas Outlook 2050", the GECF assessed that natural gas "will remain indispensable in the coming decades".
"By 2050, demand for natural gas is expected to grow by an impressive 34%, significantly increasing its share of the global energy mix from the current 23% to 26%."
In its latest quarterly report, published in January, the International Energy Agency (IEA) estimated that global gas demand should grow "strongly" in 2024 compared to 2023, supported by forecasts for colder weather and lower prices.
Gas markets have come under pressure since the post-Kovid-19 recovery in late 2021 and even more so since Russia's invasion of Ukraine in February 2022, which fuelled imports of LNG by sea, particularly from the US, to offset a drastic reduction in Russian gas supplies via pipelines to Europe.
Algeria is Africa's leading natural gas exporter. In an effort to diversify their supplies and reduce their dependence on Russian hydrocarbons, several European countries - notably Italy - have turned to Algerian gas. / BGNES
