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The head of Europe at the International Energy Agency said recently that Europe saved $8 billion in gas bills in 2018 because a surge in shale gas production in the United States and a restructuring of the European Union's energy market forced Russia to change its natural gas pricing mechanism
.
The International Energy Agency released its annual gas report that 2018 was a "golden year" for natural gas, accounting for 45% of total global energy growth, the fastest year
for natural gas growth in more than 20 years.
The IEA said the shift in the global gas market due to the shale gas revolution in the United States, the rapid expansion of the liquefied natural gas industry and the liberalization of the European Union's energy market forced Russia to change the price
of gas in its oil index.
The change began with rising U.
S.
gas production, leading Qatar, the world's largest LNG exporter, to shift LNG supplies to Europe, expanding the influence
of the Dutch TTF benchmark price.
"Due to the huge challenges of LNG and better regulation, there are a lot of pipeline contracts being renegotiated, and we estimate that in 2018, Russian pipeline exports to Europe were $8 billion cheaper than the traditional way," said Fatih Birol, head of the International Energy Agency
.
In its annual report, the IEA predicts that the LNG market will grow by 26% between now and 2024 to 546 billion cubic meters, with China becoming the largest buyer and the United States the largest seller
.
The report also revealed that the trade war between China and the United States could hinder the development of new export terminals in the United States, which rely on long-term buyers
.
In general, Chinese companies have stayed away from U.
S.
LNG projects, especially after
Beijing cracked down on retaliatory tariffs.
"Despite the challenges at the moment, I think there is tremendous potential
in business between China and the United States.
I think sooner or later there will be a huge scale of trade between these two countries," Birol said
of the LNG trade between the two countries.
The head of Europe at the International Energy Agency said recently that Europe saved $8 billion in gas bills in 2018 because a surge in shale gas production in the United States and a restructuring of the European Union's energy market forced Russia to change its natural gas pricing mechanism
.
The International Energy Agency released its annual gas report that 2018 was a "golden year" for natural gas, accounting for 45% of total global energy growth, the fastest year
for natural gas growth in more than 20 years.
The IEA said the shift in the global gas market due to the shale gas revolution in the United States, the rapid expansion of the liquefied natural gas industry and the liberalization of the European Union's energy market forced Russia to change the price
of gas in its oil index.
The change began with rising U.
S.
gas production, leading Qatar, the world's largest LNG exporter, to shift LNG supplies to Europe, expanding the influence
of the Dutch TTF benchmark price.
"Due to the huge challenges of LNG and better regulation, there are a lot of pipeline contracts being renegotiated, and we estimate that in 2018, Russian pipeline exports to Europe were $8 billion cheaper than the traditional way," said Fatih Birol, head of the International Energy Agency
.
In its annual report, the IEA predicts that the LNG market will grow by 26% between now and 2024 to 546 billion cubic meters, with China becoming the largest buyer and the United States the largest seller
.
The report also revealed that the trade war between China and the United States could hinder the development of new export terminals in the United States, which rely on long-term buyers
.
In general, Chinese companies have stayed away from U.
S.
LNG projects, especially after
Beijing cracked down on retaliatory tariffs.
"Despite the challenges at the moment, I think there is tremendous potential
in business between China and the United States.
I think sooner or later there will be a huge scale of trade between these two countries," Birol said
of the LNG trade between the two countries.
