By Mohammad Shoeb
The Peninsula, June 21, 2020
The Gas Exporting Countries Forum (GECF) announced last Saturday it has developed a more powerful tool to analyse data and forecast gas market trends such as demand, supply and expected prices in regional markets.
Using time-series data and other information, the advanced econometric-model provides member countries and customers with valuable insights to make informed decisions.
The enhanced Global Gas Model will enable to meticulously track gas market developments and its ever-changing dynamics.
The GECF Global Gas Model (or 3GM) represents the most comprehensive and granular view of natural gas markets anywhere in the world, and forms the bedrock of the GECF’s signature publication, GECF Global Gas Outlook 2050, by combining some of the most powerful econometric and statistical tools available today.
With the new suite of updates, the 3GM is now capable of producing comprehensive energy balance forecasts for over 140 countries and 60 regions, spanning 35 fuels over 33 sectors, up to the year 2050.
The Global Gas Model derives energy and natural gas demand forecasts from a set of scenario assumptions. These are based on over 500 indicators from energy prices to macroeconomic trends, such as the impact of COVID-19 on future gas market developments.
The model derives energy and natural gas demand forecasts from a set of scenario assumptions. These are based on over 500 indicators from energy prices to macroeconomic trends, such as the impact of COVID-19 on future gas market developments.
GECF Secretary General Dr Yury Sentyurin said, “Our innovation affirms GECF’s commitment to provide our country members and customers with valuable insights to help making decisions. GECF continues to grow its stewardship role as it leads the industry to a new path of progress with products such as the Global Gas Model and the Global Gas Outlook 2050.”
A team from the GECF’s Energy Economics and Forecasting Department (EEFD) that runs the 3GM demonstrated its full use at an internal workshop held recently.
In his presentation Head of EEFD Dmitry Sokolov said, “The latest iteration of the 3GM is its most advanced to date and allows us to redefine yet again what it means to be all-in-one when it comes to discovering current and emerging trends, bringing in-depth insights, and optimising vast amount of data. GECF can feel proud on being able to deliver every tool and publication that our Member Countries need to succeed in an unpredictable world.”
The EEFD plans to continue promoting 3GM by conducting several workshops for GECF’s Member Countries, said Sokolov.