The Gas Exporting Countries Forum (GECF) yesterday announced that it has developed an innovative and more powerful tool for data analysis and forecasting market trends for the gas market such as demand, supply and expected prices in various regional markets.
Using time-series data and other information, the advanced econometric-model will help provide its member countries and customers with valuable insights to take better informed decisions.
The enhanced Global Gas Model, a unique long-term forecasting tool developed in-house, will enable to rigorously 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 Model’s energy and natural gas demand forecasts are derived from a set of scenario assumptions, based on over 500 indicators from energy price data to macroeconomic trends, such as the impact of COVID-19 on future gas market developments.
“Our continued innovation affirms GECF’s commitment to provide our Country Members and customers with valuable insights that can set them apart in decision making. With products such as the Global Gas Model and the Global Gas Outlook 2050, GECF is continuing to grow its stewardship role as it leads the industry to a new path of progress,” said GECF Secretary General Dr Yury Sentyurin.
The full functionality and versatility of 3GM was demonstrated during a recent internal workshop and led by the team from the GECF’s Energy Economics and Forecasting Department (EEFD) which runs the 3GM.
“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,” said Dmitry Sokolov, Head of EEFD, during his presentation.
According to Sokolov, the EEFD plans to continue promoting the incredible value of 3GM by conducting several workshops for GECF’s Member Countries.
