Asia’s Natural Gas Usage to Continue to Outpace Supply

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.

SEATTLE (Oil Monster):  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.

Courtesy: www.energylivenews.com