IEA says global gas demand to rise 1.6% annually in next 5 years

MOSCOW, Jun 26 (PRIME) -- Global demand for gas will rise by around 1.6% annually over the next five years due to strong demand growth from China, and greater industrial demand, the International Energy Agency (IEA) said in a research note on Tuesday.

“Global gas demand will grow at an average rate of 1.6% a year, reaching just over 4,100 billion cubic meters in 2023, up from 3,740 billion cubic meters in 2017,” IEA quoted Executive Director Fatih Birol as saying.

“In the next five years, global gas markets are being reshaped by three major structural shifts… China is set to become the world’s largest gas importer within two-to-three years, U.S. production and exports will rise dramatically strongly and industry is replacing power generation as the leading growth sector.

While gas has a bright future, the industry faces tough challenges. These include the need for gas prices to remain affordable relative to other fuels in emerging markets and for industry to curb methane leaks along the value chain.”

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