Global gas demand is estimated to grow by 1.6% a year for the next five years: this is what stands out from the International Energy Agency’s latest market analysis and five-year forecast on natural gas. The international gas market is in fact undergoing a major transformation which will bring far-reaching consequences on energy trade, air quality and carbon emissions, as well as the security of global energy supplies.
World gas consumption will reach almost 4,000 billion cubic meters (bcm) by 2022 - China will represent 40% of this growing demand. The previous value was 3,630 bcm in 2016. The United States will account for 40% of the world’s extra gas production to 2022; by then, US production will be 890 bcm, more than a fifth of global gas output. IEA estimates that within 5 years the United States will be on course to challenge Australia and Qatar for global leadership among LNG (Liquefied Natural Gas) exporters. In this way, America will bring an important change on the international gas market, diversifying supply and transforming global gas security.
At the same time, this ample availability of LNG will also create new competition with pipeline gas supplies, which could benefit consumers.
Production, delivery and storage of natural gas constitutes an enormous business. In addition to transporting gas via pipelines, other ways to move natural gas long distances include liquefying natural gas (LNG) or the conversion of natural gas into other liquid products (GTL) - more information here.
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