India\u2019s natural gas consumption will rise 4.5% while global demand will rebound by 3.6% in 2021, the International Energy Agency (IEA) has forecast.<\/p>\n
By 2024, the global gas demand is forecast to be up 7% from 2019\u2019s pre-Covid levels, according to the IEA\u2019s latest report. Global demand dropped by 1.9% in 2020 due to an exceptionally mild winter in the northern hemisphere and the impact of the Covid-19 pandemic.<\/p>\n
\u201cThe rebound in gas demand shows that the global economy is recovering from the shock of the pandemic and that gas is continuing to replace more emission-intensive fuels,\u201d said Keisuke Sadamori, the IEA\u2019s director of energy markets and security. Almost half of the increase in gas demand between 2020 and 2024 comes from the Asia Pacific region.<\/p>\n
India\u2019s gas demand is expected to expand by 4.5% in 2021 despite a 5% year-on-year contraction in the first quarter. \u201cThe economic fallout from the ongoing second wave and high LNG prices present downside risks to our forecast,\u201d the IEA said.<\/p>\n
Consumption contracted in the first quarter \u201cas high spot LNG prices in the aftermath of the northeast Asian winter energy crisis tempered demand, especially in the refining and petrochemical sectors, where some operators reportedly switched from imported LNG to liquid fuels,\u201d according to the IEA.<\/p>\n
Covid-linked lockdowns and high LNG prices hurt demand also in the second quarter.<\/p>\n
In Asia, LNG spot prices more than quadrupled year-on-year in Q2 to reach an average of $9.8\/MBtu\u2014their highest Q2 average since 2014. \u201cStrong buying interest from China, India and Korea, together with a combination of planned and unplanned outages in liquefaction plants, provided upward support to LNG spot prices,\u201d said the IEA.<\/p>\n
Asian spot prices are set to average close to $13\/MBtu through the second half of the year, resulting in an overall annual average of over $11\/MBtu\u2014the highest level since 2014, according to the IEA.<\/p>\n","protected":false},"excerpt":{"rendered":"
India\u2019s natural gas consumption will rise 4.5% while global demand will rebound by 3.6% in 2021, the International Energy Agency (IEA) has forecast. By 2024, the global gas demand is forecast to be up 7% from 2019\u2019s pre-Covid levels, according to the IEA\u2019s latest report. Global demand dropped by 1.9% in 2020 due to an exceptionally mild winter in the northern hemisphere and the impact of the Covid-19 pandemic. \u201cThe rebound in gas demand shows that the global economy is recovering from the shock of the pandemic and that gas is continuing to replace more emission-intensive fuels,\u201d said Keisuke Sadamori, […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-424657","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/424657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=424657"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/424657\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=424657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=424657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=424657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}