Baku, Azerbaijan, Sept.24
By Leman Zeynalova - Trend:
Natural gas consumption is expected to continue to increase in the medium and long-term, predominantly in developing countries, according to OPEC World Oil Outlook 2018.
According to the OPEC Reference Case, overall natural gas consumption is set to increase by around 32 million barrels of oil equivalent per day (mboe/d) between 2015 and 2040, the highest increase of all energies.
Global gas demand is expected to increase from just over 59 mboe/d in 2015 to 91 mboe/d in 2040, which is more than a 50 percent increase in 25 years. In 2040, gas is projected to become the second largest energy source and reach an estimated share of 25 percent, up by more than 3 percent percentage points from 2015. Demand growth in Developing countries accounts for more than 80 percent of the overall growth.
The increasing availability of gas – including LNG supplies – and the environmental credentials of this fuel favour a global expansion in the medium- and long-term, said the cartel.
Due to its low CO2 emissions, relative to coal, natural gas is expected to play a major role as a so-called transition fuel, increasingly substituting for coal in the power generation sector, according to OPEC.
“Furthermore, the strong performance of the petrochemical industry is expected to require additional volumes of natural gas, as well as the increasing utilization of gas for heating purposes. In addition, more potential is seen in the transportation sector, including marine bunkers, especially in the long-term,” said the report.
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