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| Thu, 6th Aug 2020 12:27:00 |
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Global Natural Gas Demand Set For Long-Term Growth After COVID |
The world’s consumption of natural gas is set to decline by 4 percent this year, but global demand will return to growth after the pandemic, thanks to low natural gas prices and stricter environmental policies, a new report showed on Thursday.
The Global Gas Report 2020 – published by the International Gas Union (IGU), research company BloombergNEF (BNEF), and Italian gas infrastructure firm Snam – says that the trend of increased natural gas demand due to environmental concerns, which was already underway before the pandemic, will continue after COVID-19 is under control.
The International Energy Agency (IEA) also sees global natural gas demand dropping by 4 percent in 2020, which would be the largest demand shock for gas markets in recorded history, with consumption of natural gas expected to drop by twice the amount it did after the 2008 financial crisis.
The cost-competitiveness of natural gas and the increased access to gas in developing countries are set to be the key drivers of higher gas demand in the medium term, especially for liquefied natural gas (LNG), the Global Gas Report 2020 found.
Global LNG imports could return to their 2019 level quickly, as soon as in 2021, depending on the persistence and longevity of the pandemic.
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