The International Energy Agency (IEA) has predicted that the United States will become the world’s largest exporter of liquefied natural gas (LNG), while China will become its biggest importer in five years.
Peter Fraser, head of the International Energy Agency’s gas, coal and electricity markets, said at a New York energy event that US exports of liquefied natural gas (LNG) are expected to jump to more than 100 billion cubic meters in 2024 to oust Australia and Qatar The market is currently, according to “Reuters”.”.
Meanwhile, China’s imports of liquefied natural gas (LNG) are expected to rise to more than 100 billion cubic meters in 2024, outperforming Japan, currently the world’s top importer.
Japan’s imports have fallen since it peaked in 2014, after utility companies resumed operation of some nuclear plants shut down for mandatory safety checks and testing after damage to Fukushima nuclear plant in 2011 by an earthquake and tsunamis.
The International Energy Agency (IEA) said it expected global demand for liquefied natural gas (LNG) to grow about 4 percent annually until 2024. To meet this demand, developers took final investment decisions in 2018 to add 29 billion cubic meters of new export capacity, doubling to 58 billion cubic meters So far in 2019, according to Fraser.
In addition, some developers said they could make final investment decisions later this year that would add more than 120 billion cubic feet of energy, according to the agency, including about 30 billion cubic meters in the United States and 43 billion cubic meters in Qatar.
Global demand for liquefied natural gas reached a record 432 billion cubic meters in 2018, after rising nearly 10 percent over the past few years, mainly due to rapid growth in China.
China’s demand for natural gas, which rose 18 percent in 2018, is backed by environmental policies aimed at diverting most industrial and domestic consumption from coal to gas to reduce air pollution, the agency said.
It said it expected gas growth in China to slow to an annual pace of 8 percent by 2024 due to slower economic growth.
According to the Energy Agency, the United States, already the world’s top gas producer, will see production grow to more than 1 trillion cubic meters in 2024, boosting its global production share to about 23 percent.