Natural gas demand growth in China, including LNG deliveries, is forecast to slow considerably, falling to 2 percent per annum between 2021 and 2030 compared with an average growth rate of 12 percent per annum between 2010 and 2021.
The International Energy Agency says the massive expansion of natural gas production is having wide-ranging effects on the global liquefied natural gas balance by underpinning major investments in new liquefaction capacity despite low gas prices in both Europe and Asia.
The International Energy Agency said the global natural gas markets were being reshaped by the development of major emerging LNG buyers such as China and by the rising production and exports from the United States.
Switzerland, the base for some of the leading global commodities traders in LNG and other fuels, is facing energy challenges, though it was unlikely a permit awarded to drill for hydrocarbons in Lake Geneva would be implemented anytime soon, according to a report from the International Energy Agency.
Natural gas using nations and big pipeline and liquefied natural gas importers like the UK, Mexico and Japan were singled out by the International Energy Agency as countries that experienced drops in energy-related, carbon-dioxide emissions in 2017 as the global CO2 total rose.
Australia is heading towards becoming the world’s largest liquefied natural gas exporter and its policies have been described as “impressive” by the International Energy Agency as it ensures energy security while moving ahead with reforms for the domestic market.