Emmanuel Addeh in Abuja
Secretary General of the Gas Exporting Countries Forum (GECF), Nigeria’s Philip Mshelbila, has predicted that global natural gas markets were on track to stabilise during the third quarter of this year with the reopening of the Strait of Hormuz following the ceasefire between the US and Iran.
Mshelbila, who spoke at the Reuters Global Energy Forum in New York, maintained that despite the current distortions currently being witnessed in the natural gas market, there will be a marked change between July and September.
“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,” Mshelbila said.