Global Gas Market 'Fragile' as Demand growth forecast to exceed additional supply

The global gas market’s balance of supply and demand remains “fragile” as rising consumption is set to exceed output growth this year, according to a new report launched in Stavanger, Norway.

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Global gas demand is forecast to increase by 2.1% this year, totalling 4138 billion cubic metres, according to the 2024 Global Gas Report, commissioned by the International Gas Union (IGU), an industry group.

The report describes a situation of “limited supply growth” while demand “rises steadily”, driven primarily by Asian economies.

Demand growth has accelerated this year, following a 1.5% increase last year.

Supply, however, has increased by only 0.5% in 2023, mainly off the back of new liquefied natural gas liquefaction capacity added in North America.