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The International Energy Agency (IEA) has raised its forecast for global gas demand this year, but still sees the largest decline on record due to the impact of the COVID-19 pandemic
.
The Paris-based agency said on Monday it now expects gas demand to fall 3 percent year-on-year, or 120 billion cubic meters, to 3,886 billion cubic meters
.
In June, it predicted a decline of 4%, or 150 billion cubic meters
.
IEA Director General Fatih Birol said in a statement: "Since June, mainly driven by emerging markets, global gas demand has gradually recovered
.
”
However, he warned that "a return to pre-pandemic levels is less likely, as the current crisis could have long-term effects"
.
The long-term outlook for the pandemic clouds the outlook
for 2021, the IEA said.
For now, it expects demand to rebound by 3%, or about 130 billion cubic meters, next year, to about 4,014 billion cubic meters
next year.
The liquefied natural gas (LNG) market has played a key role in adapting to falling demand, with global LNG exports plunging 17 percent
between January and July, the IEA said.
"Against this extraordinary backdrop, LNG has fallen from a high of 95 billion cubic meters in 2018 to about 35 billion cubic meters
in the first nine months of 2020.
"
The LNG industry also faces challenges, with one-third of valid contracts (190 billion cubic meters) expiring
in the next five years, the agency said.
Over the same period, global liquefaction capacity is expected to increase by 20%
from projects currently under development, the IEA added.
The International Energy Agency (IEA) has raised its forecast for global gas demand this year, but still sees the largest decline on record due to the impact of the COVID-19 pandemic
.
The Paris-based agency said on Monday it now expects gas demand to fall 3 percent year-on-year, or 120 billion cubic meters, to 3,886 billion cubic meters
.
In June, it predicted a decline of 4%, or 150 billion cubic meters
.
IEA Director General Fatih Birol said in a statement: "Since June, mainly driven by emerging markets, global gas demand has gradually recovered
.
”
However, he warned that "a return to pre-pandemic levels is less likely, as the current crisis could have long-term effects"
.
The long-term outlook for the pandemic clouds the outlook
for 2021, the IEA said.
For now, it expects demand to rebound by 3%, or about 130 billion cubic meters, next year, to about 4,014 billion cubic meters
next year.
The liquefied natural gas (LNG) market has played a key role in adapting to falling demand, with global LNG exports plunging 17 percent
between January and July, the IEA said.
"Against this extraordinary backdrop, LNG has fallen from a high of 95 billion cubic meters in 2018 to about 35 billion cubic meters
in the first nine months of 2020.
"
The LNG industry also faces challenges, with one-third of valid contracts (190 billion cubic meters) expiring
in the next five years, the agency said.
Over the same period, global liquefaction capacity is expected to increase by 20%
from projects currently under development, the IEA added.
