The golden year for natural gas
The International Energy Agency (IEA) has
recently released its analysis of the global gas market and outlook
to 2024. The IEA described 2018 as a "golden year for natural
gas" because of the strongest growth in demand in nearly a
decade (4.6%), driven by the economic growth in the USA and China.
It is also influenced by the decision from USA and China to switch
from coal to gas. Annual growth in gas consumption through to 2024
is expected to average 1.6%. China is expected to account for 40%
of that growth as the Chinese Government strives to improve air
quality.
The IEA expects the USA to be the world's largest liquefied
natural gas (LNG) exporter by 2024 and China the
largest LNG importer. The IEA anticipates that the global market
will tighten after 2020 and this should pull through final
investment decisions for new export capacity in the USA, Qatar,
Mozambique and Russia.
