In his opening remarks, the Secretary General stressed that this TEC Meeting convenes at a moment when the pace of historical change has accelerated markedly, and where the only certainty is the growing complexity and deepening uncertainties across multiple dimensions—#geopolitical, #economic, #environmental, #technological, and #societal. He also underlined that there is no clearer illustration of today’s uncertainties than the seismic events triggered by the sweeping and unprecedented tariffs announced by US President Donald Trump on 2 April 2025. These measures unleashed a series of destabilizing reactions: retaliatory measures from other countries, extreme volatility in stock markets, heightened tensions in bond markets, a decline in the U.S. dollar index, a sharp fall in US consumer confidence to its second-lowest level since 1952, and a drop in oil and natural gas prices, further exacerbated by the OPEC+ decision to unwind its supply adjustment accord. The risks are skewed to the downside with slower economic growth—if not a full recession—rising inflation, declining investment, and growing threats to the stability of the financial system.
During the meeting the participants engaged in discussions on global gas market developments and reviewed a series of comprehensive reports and presentations prepared by the Secretariat covering short- and long-term outlooks, impact of current tariff and regulatory measures on the global gas markets, as well as the Proposed Program of Work (PoW) for 2026. The Annual Gas Market Report (AGMR) 2025 was launched at the meeting offering a detailed analysis of global gas market trends in gas consumption, production, storage, trade and prices, as well as evaluating the impact of global economic developments and energy policies, along with short-term projections. In-depth discussions were held on the role of natural gas in decarbonization of the maritime sector and the potential for medium-term LNG oversupply.
The participants were briefed on the key highlights and findings of the 9th edition of the GECF Global Gas Outlook 2050, along with an update on the progress made in preparing the forthcoming 10th edition of this GECF flagship publication. The meeting also included a comprehensive overview of the outcomes of COP29 and the latest developments on the global environmental agenda, offering valuable context for ongoing policy and market shifts.
In addition, the participants were informed about long-term developments in global gas markets, featuring multifaceted analyses across evolving trajectory of hydrogen technologies, increasing role of natural gas in power generation within emerging energy systems. The session also examined the emerging rebalancing of long-term strategies by international oil companies (IOCs), in the light of the current tariff and regulatory framework.
On the sidelines of the meeting, the workshop on “Navigating electricity markets in an evolving landscape” was held with the participation of invited speakers from AFREC, Rystad Energy, LSEG, Energy Institute, and JKempEnergy who provided insightful presentations on the growing role of gas-fired power generation.