International Energy Agency (IEA) has released Gas Market Report for Q3 2024. The International Energy Agency (IEA) report is an analysis about global gas markets in the first half of 2024. It discusses gas demand growth, LNG supply, and natural gas prices. After a period of rebalancing in 2023, global gas markets grew significantly in the first half of 2024. This growth was driven by strong demand in Asia, particularly China and India. However, the outlook for the rest of 2024 is uncertain. LNG supply disruptions and geopolitical tensions are causing price volatility.
“Natural gas demand growth picks up in 2024 but outlook remains uncertain” – International Energy Agency (IEA)
The International Energy Agency (IEA) report highlights the following key findings:
Strong Growth in H1 2024: Global gas demand grew significantly in the first half of 2024, primarily driven by higher gas use in the industrial sector and strong demand in Asia, particularly in China and India.
Slowdown in Q2 2024: The growth rate moderated in the second quarter due to underperforming global LNG production and increased gas prices, which put downward pressure on demand.
Full-Year Forecast: For the full year 2024, gas demand is expected to grow by 2.5%, mainly driven by fast-growing Asian markets.
Industry Leads Demand: The industrial sector has emerged as the most significant driver of global gas demand, while the power sector is expected to see only marginal growth.
Risks: Geopolitical instability and potential supply disruptions pose the greatest risks to the short-term outlook.
For more details Click: International Energy Agency (IEA)” Gas Market Report, Q3-2024 – Analysis” PDF