Global gas consumption could decline 3.5% for 2020 - Novak
MOSCOW. Feb 24 (Interfax) - Global gas consumption could decrease 3.5% year-on-year in 2020, Russia's Deputy Prime Minister Alexander Novak said during a presentation of the long-term outlook of the Gas Exporting Countries Forum (GECF).
Novak said that global consumption of natural gas should increase 15% over the next decade against 2019, and it should total more than 4.55 trillion cubic meters by 2030.
According to the deputy prime minister, around 70% of the growth in demand will likely come from the Asia-Pacific region as well as North America.
"The countries of Southeast Asia, China, and India should provide more than 40% of the additional volumes in global consumption owing to the intensifying environmental agenda as well as the ongoing transition from coal to gas in electric-power generation, industry, and the domestic sector, as well as the expanding use of gas as a motor fuel," Novak said.
By 2050, the share of natural gas in the global energy balance could grow to 28% from 23% in 2019.
The market for liquefied natural gas (LNG) will likely double.
"The market and analysts are exactly united [in agreement] that the LNG market should at least double by 2050, while, according to forecasts, the share of LNG in global trade should exceed the share of pipeline supplies," Novak said.