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Natural Gas Heads for Record Drop in Global Demand

  • Global natural gas use set for record downturn this year
  • Annual demand growth to shrink to 1.5% over next five years
Shipment Of Liquefied Natural Gas (LNG) Arrives At National Grid Plc's GrainLNG Plant
Photographer: Jason Alden/Bloomberg
Updated on

The global natural gas market is poised for the biggest-ever drop in demand as a result of the Coronavirus crisis, an event that’s likely to hamper the industry’s growth for years to come.

Consumption is set to slump by 4% this year, or twice the amount lost after the 2008 financial crisis, according to the International Energy Agency’s Gas 2020 report. Global demand is expected to rise by just 1.5% annually to 2025, compared with a previous forecast of 1.8%.