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The International Energy Agency (IEA) has recently raised its forecast for global gas demand this year, but it has seen the biggest decline in history due to the impact of the popular covid-19.
The Paris based agency said on Monday that demand for natural gas is now expected to fall by 3 per cent, or 120billion cubic meters, to 3886billion cubic meters, compared with the same period. In June, it forecast a 4 per cent decline, or 150billion cubic meters.
“Since June, mainly driven by emerging markets, global gas demand has gradually recovered,” said Fatih Birol, director general of the IEA, in a statement
However, he warned, “the possibility of returning to pre epidemic levels is low, as the current crisis may have long-term effects.”.
The long-term outlook for the big pop overshadows 2021, IEA said. It is currently expecting demand to rebound by 3 per cent next year, or about 130billion cubic meters, to about 4014 billion cubic meters next year.
The IEA said the LNG market played a key role in meeting demand declines, with global LNG exports plummeted 17 per cent between January and July. “Against this extraordinary backdrop, LNG has fallen from a high of 95billion cubic meters in 2018 to about 35billion cubic meters in the first nine months of 2020.”
The LNG industry also faces challenges, with a third of effective contracts (19billion cubic meters) due over the next five years, the agency said.
The IEA added that global liquefaction capacity is expected to increase by 20 per cent from projects currently under development over the same period.