United States 'will become one of the world's top gas exporters by 2020'

13 Juillet, 2017, 18:17 | Author: Marc Bacque
  • United States 'will become one of the world's top gas exporters by 2020'

The release noted that the global gas market is dealing with a major shakeup because new supplies from the United States are helping to meet the demand in developing economies.

The IEA sees US LNG as the "catalyst for change" in global gas trade, challenging traditional business models and suppliers.

But an increase in U.S. gas production over the next five years will cause another revolution as the country begins liquefying and shipping gas to Asia, Europe and the Middle East, the International Energy Agency said.

New US supply is transforming the global market for natural gas, as demand from industrial users overtakes demand from the power sector, according to the latest forecasts from the Paris-based International Energy Agency (IEA).

"The US shale revolution shows no sign of running out of steam and its effects are now amplified by a second revolution of rising LNG supplies", said Fatih Birol, the IEA's Executive Director. "However, whether these countries remain long-term consumers or opportunistic buyers will depend on price competition".

In a bid to increase export demand, three major LNG terminals under construction on the Texan coast will double the number of US ports now in use. It says the liquefaction capacity being built in the U.S. and other markets will create an "LNG glut".

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The IEA called US LNG a "catalyst for change" in the worldwide gas market.

According to the report, future demand for natural gas will be boosted by industry as its traditional use in power generation is being curbed by increased renewables and coal.

While U.S. domestic demand for gas is growing in part on higher consumption by the industrial sector, more than half of the production increase is seen being used for LNG.

With demand expected to reach 460 bcm a year by 2022, the market would have 190 bcm a year in excess capacity, putting pressure on gas prices and discouraging new upstream investment.

"The environmental advantages of natural gas, particularly when replacing coal, also deserve more attention from policymakers", Birol said.

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