International Energy Agency. Global natural gas demand is forecast to fall 3% year-on-year (y-o-y) or about 120 bcm in 2020, according to the International Energy Agency (IEA)’s new report, Global Gas Security Review 2020. The decline in demand has been revised from IEA’s previous June forecast, which was projecting a 4% fall for this year. Despite the revision, 2020 is still assumed to experience the largest recorded drop in global natural gas demand. Most declines in gas consumption have been observed in mature markets across Europe, Eurasia, North America, and Asia. Taken together these markets account for over 80% of the expected drop in global natural gas demand for 2020. Natural gas demand is forecast to increase by 3% y-o-y in 2021 or about 130 bcm. The resurgence of COVID-19 cases and the prospect of a prolonged pandemic brings further uncertainty to the pace of recovery in 2021, which […]