“Nobody is interested in the natural gas market crashing” Russian Foreign Minister Sergey Lavrov (pictured) said, when asked about interaction among the Gas Exporting Countries Forum Member Countries (GECF) during a lecture for MGIMO University students in Moscow recently.
“The member countries remain in contact, continue to run dialogue and exchange information through the forum secretariat. There has been no notification about a potential new ordinary or extraordinary GECF meeting” Lavrov said.
Doha-based GECF is an international governmental organisation with 20 member countries, which jointly control 72% of the proven gas reserves, 46% of its marketed production, 55% of pipeline and 61% of LNG exports across the globe.
Composing a foremost energy association, officially established in 2008, the GECF member countries have proved to be reliable suppliers of natural gas – a prominent contributor in the global pursuit towards net-zero emissions energy systems and attainment of the 2030 Sustainable Development Goals.
Earlier this year, Dr Yury Sentyurin, GECF secretary general shared the organisation’s projections on the impact on the global economy, caused by the outbreak of Covid-19 all over the globe. He stressed, that the outbreak of the novel coronavirus has pushed global energy markets into uncharted waters.
The knock-on effects from declining industrial output and travel, first in Asia and now across the world, will leave no part of the global energy system untouched.
Oil and gas companies are contending with the fallout from a punishing price war, LNG exporters are seeing demand crumble at a time when the market is already oversupplied, the renewables industry is forecasting reduced investment in new projects, and utilities are having to adapt to altered load profiles as the world chooses to remain home.
Based on the GECF analysis, which is based on the current worrisome situation, the demand recovery is expected to appear alongside economic activities re-opening. Sentyurin stressed that no economy in the world will be immune from coronavirus and the impacts will be heavily felt worldwide if no efficient global measures are found and agreed upon.
The GECF is determined that as soon as governments all over the world ease restrictions imposed to curb the spread of the Covid-19, with people being allowed to resume habitual social activities, global economy shall recover and witness substantially rising demand for energy sources.
This is the best time for policymakers to build momentum and shift towards carbon-neutral or negative energy systems. Remaining committed to energy transition principles, GECF member countries have reiterated the pledge to ensure energy security and sustainability, therefore, to meet the increased energy needs meanwhile addressing environmental challenges.