Analysts underscore Turkey’s importance as international gas market experience transformation
Date
11/23/2024 5:01:40 AM
(MENAFN) The international natural gas market is experiencing an important transformation, Gergely Molnar, an expert at the International energy Agency (IEA), stated Friday, emphasizing turkey’s increasing role “as a key player, whether as a transit hub or a trading hub.”
The Istanbul Energy Forum, arranged by Anadolu under the auspices of the Ministry of Energy and Natural Resources, brought together energy officials worldwide to discuss common issues under the theme, "Common Future, Common Goals."
Among the point outs of the event was the panel on "Prospects for New Technologies and Fuels in a Smart Energy Transition," led by Elif Dusmez Tek, leader of the Energy Digitalization Association.
Molnar highlighted the transformative role of liquefied natural gas (LNG) in Europe's energy mix, saying it has become the region’s new base load supply amid surging gas prices and shifting international energy flows.
Even though natural gas prices have dropped from 2022 peaks, Molnar stated they stay high, with European spot prices at USD15/MMBtu (metric million British thermal units), triple the 2020 average.
"The market remains volatile due to tight fundamentals and geopolitical uncertainties," stated Molnar.
International gas demand, at the same time, increased 2.8 percent in early 2024, with all-time highs projected in 2024-2025 as China and India lead demand development, he noted.
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