Global gas report 2024 edition (Report)

29 August, 2024
Source: IranOilGas.com

Global gas markets stay in fragile equilibrium, with limited supply growth as demand rises steadily, up by 1.5% in 2023, with an expected acceleration to 2.1% by the end of 2024. Asia continues to be the key engine of this growth, while North America and the Middle East are in the lead on the exports.

Should gas demand continue to grow as in the last 4 years, without additional production development, a 22% global supply shortfall is expected by 2030. If demand continues to strengthen, the shortfall will be more pronounced. This underscores the urgent need to scale up investments.

Energy demand has continued to rise in developed and developing regions, while coal burning increased more than ever in 2023, remaining the biggest source of global energy emissions – which broke another record. If current energy demand and supply trends persist, 2030 targets outlined in policy driven decarbonisation scenarios will most likely be missed.

 In fact, despite efforts to enhance efficiency and ongoing industrial decline, Europe has experienced energy demand growth. In North America, energy demand has surpassed 2019 levels and continues to climb, fuelled by the transport sector and AI data centers.

Asia’s demand is also surging, particularly in the industrial sectors of India and China. Meanwhile, Africa's energy demand is growing faster than in most regions, driven by urban development, though it still falls short of the levels required for full energy access, as equitable electricity access remains a significant challenge in Africa and parts of South America.

The 2024 Edition of the Global Gas Report is a collaborative effort by IGU and Snam, produced by Rystad Energy.

Full report available at:

https://www.igu.org/wp-content/uploads/2024/08/Global-Gas-Report-2024-Edition.pdf

 

 

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