IEA: Russia to remain world’s biggest gas exporter until 2040

MOSCOW, Nov 13 (PRIME) -- Russia will stay the world’s largest gas exporter until at least 2040, and the U.S. will occupy the second position, the International Energy Agency (IEA) said in an annual outlook released on Wednesday.

Russia and the Middle East will retain their role of the largest gas exporters, but new exporters will increase their market shares as well, the agency said.

Russia will raise gas exports by 26% from 2018 to 290 billion cubic meters in 2030, and by another 16% to 336 billion cubic meters by 2040.

Global liquefied natural gas (LNG) sales will outstrip natural gas sales by the end of the 2020s thanks to demand from Asia. Qatar, Australia and the U.S. are expected to become the largest LNG exporters by 2040.

Shale oil and gas production by the U.S. will exceed Russia’s oil and gas output by 2025. The U.S. will account for 85% of the world’s oil production growth and 30% of gas production growth by 2030.

Russia’s oil output will decrease from 11.5 million barrels per day in 2018 to 11.1 million barrels per day in 2025, and 9.4 million barrels per day in 2040.

Global demand for oil will grow 6.8% from 2018 to 103.5 million barrels per day by 2025 and 9.8% to 106.4 million barrels per day by 2040, as compared with 102.4 and 106.3 million barrels per day, respectively, projected in the previous outlook.

Russia’s demand for oil will rise from 3.2 million barrels per day in 2018 to 3.4 million barrels per day in 2025, and then will fall to 3.3 million barrels per day in 2035.

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