Thursday 31 October 2019

Asia’s natural gas usage to continue to outpace supply

Asia’s natural gas usage to continue to outpace supply

Natural gas consumption in Asia is projected to continue to outpace supply over the next three decades.

Future growth in natural gas consumption is concentrated in developing countries – those outside the Organisation for Economic Co-operation and Development (OECD) – especially in non-OECD nations, according to the US Energy Information Administration (EIA),

Major non-OECD Asian countries include Bangladesh, China, India, Thailand and Vietnam.

The EIA expects annual natural gas consumption in non-OECD Asia to reach 120 billion cubic feet per day (Bcf/d) by 2050, outpacing regional production by 50Bcf/d.

The supply imbalance is expected to widen through the projection period, resulting in non-OECD Asia increasing reliance on natural gas imports from other regions.

The report suggests non-OECD Asian countries account for almost half of projected global natural gas consumption growth from 2018 through 2050.

Consumption of natural gas in non-OECD Asia is largely driven by increased economic activity stemming from higher levels of consumer demand and industrial output.

China continues to be the largest natural gas consumer in non-OECD Asia and in 2050, EIA expects the nation will consume nearly three times as much natural gas as it did in 2018.

Written by

Bruna Pinhoni

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