Global gas demand grew by 1.5% in 2023 and is expected to grow 2.1% in 2024, according to the report. (Source: Shutterstock)
The global natural gas supply will fall 22% short of global demand by 2030, according to a study released Aug. 27 by the International Gas Union, Rystad Energy and Italian midstream company Snam.
Global gas demand grew by 1.5% in 2023 and is expected to grow 2.1% in 2024, according to the report. Most of the new demand is coming from Asia, while the U.S. and Middle East are the world’s primary suppliers.
The global market is a contrast to the state of natural gas in the U.S. Currently, an abundance of natural gas has kept the Henry Hub price around $2/MMbtu for most of August. A bottleneck, due to LNG export capacity, has limited the amount U.S. producers can send overseas. Over the next two years, LNG export capacity is expected to double.
“In this era of uncertainty, continued investment in gas and its infrastructure, accelerating investments in low- and zero-CO2 gas technologies along with other clean energy supply and ramping up energy saving, is essential for providing reliable, sustainable, and affordable energy into the future,” the report stated in its summary.
Without additional natural gas, energy needs in developing economies will most likely be met through expanding coal usage. Last year, global coal consumption set a new high, increasing by 1.4% from 2022, according to the International Energy Agency.
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