Global gas demand to rise to 2022 – IEA

Global gas demand to rise to 2022 – IEA

Baku, Azerbaijan, July 13

By Leman Zeynalova – Trend:

Global gas demand is expected to grow by 1.6 percent a year for the next five years, with consumption reaching almost 4,000 billion cubic meters (bcm) by 2022, up from 3,630 bcm in 2016, the International Energy Agency (IEA) said in its Gas 2017 report.

The global natural gas market is undergoing a major transformation driven by new supplies coming from the United States to meet growing demand in developing economies and as industry surpasses the power sector as the largest source of gas demand growth, according to the IEA.

The report said that demand from the industrial sector becomes the main engine of gas consumption growth, replacing power generation, where gas is being squeezed by growing renewables and competition from coal.

“The United States – the world’s largest gas consumer and producer – will account for 40 percent of the world’s extra gas production to 2022 thanks to the remarkable growth in its domestic shale industry,” said the IEA. “By 2022, US production will be 890 bcm, or more than a fifth of global gas output.”

By 2022, the IEA estimates that the United States will be on course to challenge Australia and Qatar for global leadership among LNG exporters.

“The US shale revolution shows no sign of running out of steam and its effects are now amplified by a second revolution of rising LNG supplies,” said Fatih Birol, the IEA’s Executive Director. “Also, the rising number of LNG consuming countries, from 15 in 2005 to 39 this year, shows that LNG attracts many new customers, especially in the emerging world. However, whether these countries remain long-term consumers or opportunistic buyers will depend on price competition.”

US LNG will be a catalyst for change in the international gas market, diversifying supply, challenging traditional business models and suppliers, and transforming global gas security, according to the IEA report.

The analysts point out that this LNG glut is already affecting price formation and traditional business models – and attracting new LNG-consuming countries like Pakistan, Thailand and Jordan.

Europe could see growing competition between LNG imports and pipeline gas as domestic production declines, creating extra uncertainty on the sources of future supply, according to the report.

IEA analysts state that the recent standoff involving Qatar, which supplies about a third of the world’s LNG, and neighboring countries has also underscored potential risks to gas supply security.

“Even in a well-supplied market, recent events remind us that gas security remains a critical issue.” said Birol.

---

Follow the author on Twitter: @Lyaman_Zeyn

Armenia violates ceasefire with Azerbaijan 78 times
Armenia violates ceasefire with Azerbaijan 78 times
Armenia violates ceasefire with Azerbaijan 37 times
Armenia violates ceasefire with Azerbaijan 37 times
Armenia violates ceasefire with Azerbaijan 57 times
Armenia violates ceasefire with Azerbaijan 57 times
Loading Bars
Latest
Turkish Trade Center may be established in Kazakhstan
Two plants to be put into operation in Iran's Fars Province
Azerbaijan confirms 542 new COVID-19 cases
Turkmenbashi Oil Refineries Complex to create e-document management system via tender
Turkey's five-month export to BSEC countries drops
Turkmenistan’s Ministry of Textile opens tender for purchase of server equipment
Uzbekistan’s Central Bank integrating HumoCard and UzCard payment systems
Azerbaijan’s Gabala Canning Factory reveals export plans for this year
Iran discloses number of airport facilities to be commissioned
Georgia continues construction of Grigoleti-Kobuleti bypass road
Philippines confirms 2,539 new coronavirus cases, biggest single-day increase
Germany's Merkel says EU must prepare for no-deal Brexit
Export from Turkey to OIC member countries drops
Capital of Iran's Khorasan Steel Company increases
Georgia negotiating resuming flights with AirBaltic, Air France
Iran names number of licensed enterprises in Bushehr Province
Kazakhstan’s pasta producing company eyes expanding product line
Bahar Azadi gold coin price rises in Iran
Baku Stock Exchange records jump in corporate securities transactions
Iranian Energy Exchange announces products to be on sale July 11
AZAL and Belavia to perform codeshare flights on Baku-Minsk route
Newly-appointed WB's Uzbekistan country manager begins work
EBRD unveils proposal to be majority green bank by 2025
Georgia purchases more rapid COVID-19 tests under WB project
Azerbaijan sees growth in average monthly pension in 1H2020
Iran seeks to develop Sistan & Balouchestan province infrastructure
Data on cargo transshipment from Egypt via ports of Turkey since early 2020 revealed
Azerbaijan Railways increases freight transportation
Kazakhstan’s KAZAKH INVEST, AEB define main cooperation areas
Israeli private tech firms raised $2.5 billion in second quarter
Russia's central bank says non-performing loans growth to fall in June
UK raises threshold on property purchase tax to boost housing market after COVID
New Istanbul Airport reveals data on passenger traffic
Transshipment of goods from Spain via Turkish ports revealed
Turkmenistan, Russia's St.Petersburg share proposals for new exports
Kazakhstan’s Oil Construction Company to buy pipes via tender
Azerbaijan raises subsidies for spring sowing of crops
Ireland may cut tax on business in stimulus plan
Apple expands independent repair shop program to Europe, Canada
Turkey unveils five-month volume of cargo transshipment via BOTAS port
Spanish Ibertest to modernize Turkmen Railways
Two policemen killed in roadside blast in Mogadishu
Volume of loaded, unloaded cargo at Iran’s Eastern railway stations increases
IMF head urges pandemic response that tackles climate crisis
Huawei: U.S. sanctions have no immediate impact on UK 5G supplies
Azerbaijan’s Azerenergy implementing reactive power compensation project
Gazelle Fund LP continues to invest in Georgian SMEs with high growth potential
Spanish Ibertest interested in expanding co-op with Turkmenistan
Baku textile factory increases production volumes of women's clothing
Official talks COVID-19 possibly affecting Kazakhstan's Tengiz field operations
Israel central bank's Abir says buying corporate bonds to prevent layoffs
Prevent infection by means of “e-Tabib”!
Volume of five-month cargo transshipment via Turkey's Cesme port disclosed
Iran's Shazand Oil Refining Company opens tender to buy various equipment
Iran announces number of enterprises launched in West Azerbaijan Province
Azerbaijan getting closer to achieving goals of Fourth Industrial Revolution
Turkmenistan’s oil output to rise in 2020, says EIA
Georgian citizens returning from EU to undergo mandatory quarantine
Enrollees choosing UNEC will be able to get two diplomas in 4 years
Day record takes Romania's coronavirus cases over 30,000
Turkey announces volume of cargo transshipment from Georgia via its ports
Turkmenistan supports OSCE recommendations on national minorities affairs
Iran discloses value of exports via Arvand Free Trade Zone
Georgia eyes producing Kombucha natural drink
Iran's COVID-19 deathtoll surpasses 12,000
Kazakhstan to apply innovative technology in Karaganda's coal industry
Teams participating in EuroCups allowed to train in Azerbaijani districts upon certain rules
Uzbekistan renews WTO accession negotiations after long-year suspension
Kazakhstan working to resume flights on more int'l routes
Iran reveals info on manufactured equipment spare parts for oil, gas sector
German exports to fall by 15% in 2020
Tesla China sold 14,954 Model 3 vehicles in June, up 35% on the month
Georgia to open its borders to 5 countries
Georgians allowed to enter Montenegro without restrictions
Kazakh coal extracting venture to buy spare parts for equipment via tender
Kazakhstan's export to Israel down twofold
Iran's decision to ban mobile phone imports affects local market
Nokia shares fall on concerns over potential loss of Verizon business
Capacity of Chabahar Port in Iran increases
Thailand expects to delay plans for 'travel bubble' on virus worries
Azerbaijani president makes phone call to UN secretary-general
Prices on Azerbaijani oil increase
Price of gold grows in Azerbaijan on July 8
UAE significantly raises import of Kazakh-made goods
Amount of funds trading at NIMA exchange rate in Iran announced
Amazon India's unit gets $308 million in fresh funds from parent
Iran discloses volume of investments in ports of Mazandaran Province
Azerbaijani currency rates for July 8
Uzbek public procurement winners to be obliged to name their owners, beneficiaries
EIA: Kazakhstan's actual oil output volume exceeds forecast
Iran reveals number of metal products’ manufacturing volume
Global oil demand to exceed supply in second half of 2020
Georgia detects 5 new cases of COVID-19
Kazakh coal extracting venture to buy pipes via tender
OPEC’s output may drop to lowest level since November 1991
French economy seen rebounding 19% in third quarter, 3% in fourth quarter
Armenia violates ceasefire with Azerbaijan 78 times
ADY Container: Azerbaijan sees growth in rail freight transportation
Oil edges lower as U.S. inventory build stokes supply fears
EIA lowers forecasts for Azerbaijan’s oil output
All news