At IEA-Japan event, senior energy figures assess global gas supply security amid uncertainties

Senior government officials and energy stakeholders met in London on 23 April for a high-level event focused on strengthening global gas supply security. Organised by the IEA, Japan’s Ministry of Economy, Trade and Industry (METI), and the Embassy of Japan in the United Kingdom, the event formed part of a series of orbital meetings ahead of the international Summit on the Future of Energy Security taking place on 24–25 April.

IEA Executive Director Fatih Birol and Japan’s Ambassador to the United Kingdom Hiroshi Suzuki delivered the opening remarks at the event and former METI Vice-Minister for International Affairs Shin Hosaka shared insights from his experiences during the recent energy crisis. European Commission Director-General for Energy Ditte Juul Jørgensen then gave a keynote address, followed by remarks from Acting Assistant Secretary Tommy Joyce of the US Department of Energy and senior officials from several other major economies. The discussion was chaired by IEA Director of Energy Markets and Security Keisuke Sadamori.

The event is a key part of ongoing IEA work with METI to examine the role of natural gas and liquefied natural gas (LNG) in energy systems as transitions take place, drawing lessons from the global energy crisis in 2022, and exploring gas reserve mechanisms and market flexibility options.

Participants discussed the outlook for global gas markets following continued demand growth through the 2024/25 heating season, driven by Europe and North America. Stable supplies were underpinned by underground storage and reserve mechanisms. However, forecasts indicate that demand growth will slow in 2025 amid tighter market conditions – and heightened macroeconomic uncertainties may also weigh on demand. Participants affirmed the importance of an outlook that incorporates such uncertainties to help inform investment decisions.

Participants discussed the vulnerabilities in global gas markets in the aftermath of an energy crisis sparked by Russia’s full-scale invasion of Ukraine, noting a range of risks in a more fragmented geopolitical landscape. They examined the investment requirements to ensure gas supply security and opportunities for closer international dialogue to enhance the resilience of the global gas market, including through better preparedness for tail risks in the face of uncertainties.

Delegates also explored a wide range of flexibility options along natural gas value chains and discussed which policies and measures could enhance market resilience as well as how the IEA can further support international efforts on gas supply security.