MUMBAI : The covid-19 crisis and an exceptionally mild winter in the northern hemisphere have put global natural gas demand on course for the largest annual fall in history, the International Energy Agency said in its annual outlook on Wednesday.
Global gas demand is expected to fall by 4%, or 150 billion cubic metres (bcm), to 3,850 bcm this year – twice the size of the drop following the 2008 global financial crisis.
Repercussions from the covid-19 crisis are set to result in 75 bcm of lost annual demand by 2025, which is the same amount as the increase in global demand in 2019.
As of early June, all major gas markets worldwide are experiencing falls in demand or slumps in growth according to said IEA’s annual market report Gas 2020.
