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🇳🇬 Nigeria /Economy & Trade

GECF Scribe, Nigeria’s Mshelbila Predicts Global Gas to Stabilise in Q3

From ThisDay · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • The Secretary General of the Gas Exporting Countries Forum (GECF), Philip Mshelbila, predicts global natural gas markets will stabilize in the third quarter of this year.
  • Mshelbila cited the reopening of the Strait of Hormuz following a ceasefire between the US and Iran as a key factor for this expected stabilization.
  • He indicated that despite current market distortions, a significant change is anticipated between July and September.

Global natural gas markets are poised for stabilization in the third quarter of this year, according to Philip Mshelbila, Secretary General of the Gas Exporting Countries Forum (GECF).

Speaking at the Reuters Global Energy Forum in New York, Mshelbila expressed optimism that the market will see a "marked change" between July and September. He attributed this positive outlook primarily to the reopening of the Strait of Hormuz, a critical chokepoint for global energy transit, following a ceasefire agreement between the United States and Iran.

Despite acknowledging current "distortions" in the natural gas market, Mshelbila maintained that the anticipated opening and continued accessibility of the Strait of Hormuz would facilitate a re-stabilization. His prediction suggests a return to more predictable market conditions after a period of volatility.

If we assume that the Strait (of Hormuz) is now open and will remain open, our view is actually that in the course of this next quarter we will begin to see some re-stabilisation in the market.

— Philip MshelbilaMshelbila explained the basis for his prediction of market stabilization.
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Originally published by ThisDay. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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