Baku, Azerbaijan, June 7
By Leman Zeynalova – Trend:
Rapid demand growth for natural gas in China is set to ease, Trend reports citing the International Energy Agency’s (IEA) Gas 2019.
“The country’s natural gas consumption grew by 14.5 percent in 2017 and 18.1 percent in 2018. But it is expected to slow to an average annual rate of 8% to 2024 as a result of lower economic growth,” said the report.
IEA expects South Asian countries to lead growth elsewhere in Asia.
“In Bangladesh, India and Pakistan, the industrial sector is the main contributor to growth, especially for fertilisers to meet the needs of growing populations. Demand growth in South Asian markets depends on both the development of sufficient supply capacity and access to competitive sources in pricesensitive markets,” reads the report.
Gas consumption is forecast to grow in almost all regions, led by China and gas producing countries, according to IEA.
“China is expected to account for more than 40 percent of global gas demand growth to 2024, propelled by the government’s goal to improve air quality. The United States, the Middle East and North Africa will account for most of the rest of global demand growth, thanks to their access to abundant and competitive domestic resources, which encourages further use of gas for industrial applications and power generation,” said the report.
Gas demand in Europe will benefit from closures of coal and nuclear plants, but its gains will be limited by the expansion of renewables and decreasing consumption for the heating of buildings, according to IEA.
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