Natural gas demand set to post robust growth (see Benigni on Oil Markets – Issue 7).
- We anticipate a bright future for natural gas, predicated on demand increasing to 4.5 tcm by 2030, a leap of nearly 1 tcm compared to 2017 (SuDeP).
- Global consumption is to be driven by East Asia, where we expect demand to skyrocket from 418 bcm in 2017 to 679 bcm by 2030. As can be expected, robust Chinese demand will underpin strengthening regional consumption.
- Additional growth in global demand is spread out amongst regions, as the gas sector’s rapid expansion is driven by industrialisation and electrification. Both supporting factors will likely be sustained going forward, as economic development and fuel-switching from coal to gas underpin the latter’s further expansion in the industrial sector.