Global natural gas output fell 3.6 per cent in 2020 but still outstripped production as the pandemic hit demand and prices, consultancy Rystad Energy said on Monday. Output fell to 3,918 billion cubic metres (bcm) with North American production hardest hit, Rystad Energy estimates showed, lower than a previous estimate.
Global gas demand fell 2.5 per cent to an estimated 3,840 bcm, though lower prices for gas meant increased competitiveness versus coal in the power sector and helped limit the fall, the consultancy said.
Reflecting the impact of lockdowns to curb the spread of the coronavirus, demand in Europe fell by 7 per cent, or 40 bcm, while Asian demand remained relatively strong.
Global imports of liquefied natural gas (LNG) bucked the downward trend and rose 3 per cent to 363 million tonnes, driven by demand from Asia, especially China, Rystad Energy said.