The IEA predicts that global natural gas demand will increase by 3.6 percent this year compared to last year.
The International Energy Agency (IEA) predicted in its Gas Market Report that global natural gas demand will recover this year after a record decline last year.
The agency estimated that global demand will increase by 3.6 percent in 2021 compared to last year due to the economic recovery and climate control efforts, as the effects of the pandemic decrease and natural gas is used more.
The IEA also estimated that the increase in demand will average 1.7 percent annually over the period 2022-2024.
This increase is expected to come mainly from Russia and the Middle East. It is also noted that the majority of LNG investments that will be commissioned in the next three years are located in the USA.
STRONG POLICIES NEED TO BRAKE GAS DEMAND
In the IEA report, the Paris climate agreement, which aims to limit global warming to 1.5 degrees and signed by 190 countries, foresees reducing the use of fossil fuels, but predicted that natural gas consumption will not decrease in the short term.
“Natural gas demand will recover strongly in 2021 and will continue to rise further if governments do not introduce strong policies targeting net zero emissions by 2050,” the report said.
In such a situation, global natural gas demand is expected to increase by 7 percent compared to the pre-pandemic level by 2024.
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