International Energy Agency: Global gas demand to fall 4% in 2020

 

Beijing, June 11 (Xinhua) -- The Paris-based International Energy Agency said in a report on its website that global gas consumption will fall by 4 percent, or 150 billion cubic meters, by 2020 due to coVID-19 and the mild winter in the northern Hemisphere earlier this year.
 
Natural gas demand has grown strongly in recent years as an alternative to clean energy and coal, according to the report. The growth in natural gas consumption has led to huge investments in the LNG industry, including $65bn of capital spending on liquefaction facilities to make LNG in 2019.
 
The impact of the epidemic on global energy demand has been unprecedented hit, and a serious decline in the demand for natural gas market may lead to the suppression of the growth momentum of the industry in the next few years, which will have a lasting impact on future market development. Global demand for natural gas is expected to grow by just 1.5 per cent a year until 2025, the IEA forecasts, down from 1.8 per cent previously.
 
European gas imports are set to rise by more than 10 per cent over the next five years despite weak demand, according to the IEA. The report also predicts that global LNG trade will grow 21 percent to 585 billion cubic meters from 2019 to 2025. China is set to overtake Japan as the largest buyer of liquefied natural gas by 2023.
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