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Government

The IEF is the neutral facilitator of informal, open, informed and continuing global energy dialogue. Recognising their interdependence in the field of energy, the member countries of the IEF co-operate under the neutral framework of the Forum to foster greater mutual understanding and awareness of common energy interests in order to ensure global energy security. The 89 Member Countries of the Forum are signatories to the IEF Charter, which outlines the framework of the global energy dialogue through this inter-governmental arrangement.

Covering all six continents and accounting for around 90% of global supply and demand for oil and gas, the IEF is unique in that it comprises not only consuming and producing countries of the IEA and OPEC, but also Transit States and major players outside of their memberships, including Argentina, Brazil, China, India, Mexico, Oman, Russia and South Africa. Sitting alongside other important developed and developing economies on the 31 strong IEF Executive Board these key nations are active supporters of the global energy dialogue through the IEF.

The Forum's biennial Ministerial Meetings are the world's largest gathering of Energy Ministers. The magnitude and diversity of this engagement is a testament to the position of the IEF as a neutral facilitator and honest broker of solutions in the common interest.

Dialogue Insights

  • Gas is far from being just a bridging fuel. Gas is here to stay.
  • An integrated global gas market is not likely in the near term.
  • The three main gas regions (North America, Europe, & Asia) will keep their own fundamentals for some time.
  • The regionalisation of gas markets does not imply lower interdependence.
  • In the US, cheap gas displaced coal but in Europe cheap US coal has displaced gas.
  • The energy mix in one region depends on the energy mix in another.
  • In North America, UK, & increasingly Europe, gas trading at hubs provides liquid & transparent pricing data.
  • In the US, deregulation & financialisation of the gas market helped establish a price based on fundamentals.
  • The logic for establishing an Asian gas-pricing hub is questionable as the number of buyers & sellers is small.
  • Demand for natural gas in the coming decades is projected to come mainly from non-OECD countries.
  • Prospects for natural gas consumption are still tied to its applications as much as to its relative price.
  • Gas usage depends heavily on an anchor technology, such as electricity generation.
  • Markets remain interconnected and interdependent, despite the recent "re-regionalisation" of gas markets.
  • More dialogue is required to analyse possible changes to the structure of gas contracts.
  • Long-term contracts help ensure security of supply & demand, but there is room to incorporate market signals.
  • Policymakers must balance short-term mandates with long-term goals for the nations they represent.
  • Most stakeholders and market actors do not grasp the degree to which renewables need gas as a backup.
  • Industry and government should work together to address "herd mentalities" regarding entering new markets.
  • Future gas demand levels for transportation remain a "known unknown".
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