The International Energy Agency (IEA) confirmed that global gas demand is expected to grow by 1.6 percent annually until 2024, supported by consumption in China, which accounts for more than a third of demand growth during that period.
China’s efforts to switch from coal to gas in power generation and for domestic use, with the aim of improving air quality under the Blue Skies initiative, will play a key role in driving demand, IEA said.
The Asia-Pacific region will continue to be the largest source of gas consumption growth in the medium term, averaging 4% per annum, and will account for about 60% of the total increase in consumption until 2024.
In its annual gas market report, the IEA said domestic demand in the United States and the Middle East and North Africa would contribute to demand growth.
For the LNG market, trade is expected to reach 546 billion cubic meters by 2024, up from 432 billion cubic meters in 2018. China will become the largest importer of liquefied natural gas by 2024, at a rate of 109 billion cubic meters, and ahead of Japan.
The United States will surpass Qatar and Australia and become the world’s largest exporter of liquefied natural gas (LNG), with 113 billion cubic meters by the end of the forecast period in 2024. The United States, Australia and Russia will account for about 90 percent of the increase in LNG exports during the period.