Pandemic causes global demand for gas to drop sharply
The pandemic of the new coronavirus, coupled with a winter of average temperatures in the Northern Hemisphere, has caused the world demand for natural gas is on track to suffer the largest annual drop ever recorded. The information is from the International Energy Agency (IEA), for through a survey on the sector released on Wednesday (10).
Major gas markets have seen prices fall on account the crisis and lower industrial production, which ended up putting pressure on demand. For in turn, this global demand for gas is expected to decline by 4% – 150 billion meters (bmc), to 3,850 bmc this year. Experts claim that this fall will be about twice as big as the 2008 financial crisis.
By the end of the year, europe's major markets, North America and Asia should have the largest demand reductions, responding to 75% of the total drop. According to the report, the expectation is that gas liquefied natural gas (LNG) remains the main growth factor of the global gas trade in the future. However, the LNG sector is at risk of prolonged oversupply as exports are greater than the demand.
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