GECF develops gas forecasting model

The Gas Exporting Countries Forum (GECF) has devised a model for forecasting gas market behavior over the world.

The model was developed through the assessment of over 6,000 variables supplied by GECF member countries and is aimed at forecasting the market conditions in middle and long-term time spans, Iran’s NIGC said in a statement.

It was presented at the 20th Tehran International Oil and Gas Show.

The model took three years to complete and was finalized in 2014. Its performance is now being weighed up by GECF members, according to the statement.

GECF Secretary General Mohammad Hossein Adeli recently said the model allows GEFC members states to monitor and predict the world gas market like other major energy organizations do in the world.

Based on the model, natural gas suppliers and consumers will be better able to make decisions regarding their business activities, said Adeli.

Market share, supply and demand, production status, conditions of the suppliers, as well as many other variables is taken into account in the model, added Adeli.

The GECF is an intergovernmental organization that brings together the world’s major natural gas producers, namely Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, United Arab Emirates and Venezuela.

Iraq, Kazakhstan, the Netherlands, Norway, Oman, and Peru have the status of observer members.

Image: GECF