Global gas production and consumption continues to increase, IEA report
Global natural gas production and consumption increased in 2017 to reach new record levels. Production increased 3.6 percent compared to 2016 and consumption was up 3.2 percent over 2016 according to a newly published report by the International Energy Agency (IEA).
Covering global data of natural gas supply, demand, and trade up to 2016, with provisional data for 2017, the IEA’s Natural Gas Information 2018 report is a detailed reference work on gas supply and demand with “essential information” on LNG and pipeline trade, gas reserves, storage capacity and for OECD countries, it also contains data about gas consumption by end-use sector up to 2016 and of import and end-use prices up to 2017.
Record production in 2017
According to the report, global natural gas production hit a new record of 3 768 billion m3 (bcm) in 2017. This is a 3.6 percent increase compared to 2016 and constitutes the largest increase since 2010. Natural gas production has been rising since the economic crisis of 2009 with a compound annual growth rate of 2.6 percent.
Within the OECD, Australia has more than tripled its production since 2004, becoming the world’s 8th largest natural gas producer in 2017. Meanwhile, Canada was the second largest contributor to OECD combined production increase, Norway’s production increased by 6.3 percent and reached an all-time high, and the United States (US) returned to production growth, registering growth of 5.2 bcm.
Strong demand growth in China
In 2017, global demand for natural gas increased by 3.2 percent compared to 2016, rising to 3 757 bcm, the eighth consecutive year of increase. Since 1990, global natural gas consumption has grown at an average of 6.3 percent per annum. Consumption growth has been even stronger in China, averaging 13.1 percent per annum over the past 20 years.