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6/7, 11:50 AM (Source: TeleTrader)
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US on pace to become top LNG exporter – IEA

Demand growth for natural gas reached an eight-year high last year – 4.6%, but the rate is seen at only 1.6% over the next five years, the International Energy Agency said on Friday. In its yearly report, the Paris-based advisory body attributed 40% of the projected level to China but it said growth is on track to be lowered to an average 8% from the 18.1% registered for 2018. The United States, expected to beat Qatar and Australia in the exports of liquefied natural gas (LNG) by the end of the period, will drive shipment growth together with Australia and Russia with 90% in total, the document reveals.

On the other hand, Qatar may apparently still change the picture but its investments have stalled. The participation of gas in global primary energy consumption growth was little below 50%, IEA said. The total increase through 2024 may come in at 10% or 43 trillion cubic meters, it added. After the US, South Asia was highlighted for strong consumption growth.

The European Union managed to lower the cost of gas by $8 billion last year since Russia lowered prices as Qatar started shipping LNG amid a jump in US production, executive director Fatih Birol said.

Breaking the News / IT