Natural gas consumption may rise 17 per cent by 2017 from last year as demand surges in Asia and the United States of America, according to the International Energy Agency.
China’s use of the fuel will double while Europe’s will remain below the level of 2010, it said.
Demand worldwide will climb by 576 billion cubic meters to 3.937 trillion, the Paris-based adviser to oil-consuming nations said yesterday in its first Medium-Term Gas Market Report. That’s an average increase of 2.7 per cent a year, which is similar to the growth during the last decade, the e-mailed report showed. Emerging nations will account for 69 per cent of the gain.
“Asia will be by far the fastest growing region, driven primarily by China, which will emerge as the third-largest gas user by 2013,” the IEA said. “Europe looks for a floor and Americas for a ceiling.”
China’s gas consumption will rise to 273 billion cubic meters in 2017 from 130 billion in 2011, according to the IEA. The increase of 13 per cent a year compares with an annual expansion of 20 per cent over the past three years, it said.
The United States demand will expand 13 per cent to 779 billion cubic meters by 2017, according to the report while Europe’s requirements will rise by 7.9 per cent to 561 billion, that’s still below the 570 billion in 2010, the IEA said.