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NATGAS: International Cooperation Needed for Energy Security: IEA

NATGAS
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Increasing geopolitical tensions calls for a greater international cooperation from producers and consumers to ensure gas and energy supply security, according to the IEA Global Gas Security Review.

  • Natural gas markets have returned to structural growth, with global gas demand set to rise 2.5% in 2024 and 2025 and reach new record highs at almost 4300bcm in 2025. Growth is mostly driven by Asian but supported by a rebound in Europe’s industrial gas demand although still below pre-crisis levels.
  • Global LNG supply growth is stronger, expanding by nearly 6% (or 30 bcm) in 2025 with 80% of incremental supply from Plaquemines, LNG Canada and Corpus Christi 3.
  • Buyers are returning to more traditional LNG contracts, with longer duration, larger destination and more rigid destination fixtures.
  • Russian gas production is returning and up by nearly 9% yoy in Jan-Sep 2024 on strong domestic demand growth and rising Power of Siberia supply to China and deliveries to Europe.
  • Panama Canal and Red Sea constraints continue to impact shipping but have not led to a decline in LNG supply.

 

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Increasing geopolitical tensions calls for a greater international cooperation from producers and consumers to ensure gas and energy supply security, according to the IEA Global Gas Security Review.

  • Natural gas markets have returned to structural growth, with global gas demand set to rise 2.5% in 2024 and 2025 and reach new record highs at almost 4300bcm in 2025. Growth is mostly driven by Asian but supported by a rebound in Europe’s industrial gas demand although still below pre-crisis levels.
  • Global LNG supply growth is stronger, expanding by nearly 6% (or 30 bcm) in 2025 with 80% of incremental supply from Plaquemines, LNG Canada and Corpus Christi 3.
  • Buyers are returning to more traditional LNG contracts, with longer duration, larger destination and more rigid destination fixtures.
  • Russian gas production is returning and up by nearly 9% yoy in Jan-Sep 2024 on strong domestic demand growth and rising Power of Siberia supply to China and deliveries to Europe.
  • Panama Canal and Red Sea constraints continue to impact shipping but have not led to a decline in LNG supply.

 

Keep reading...Show less