The coronavirus crisis and a very mild winter in the northern hemisphere have put global natural gas demand on course for the biggest annual fall on record, the International Energy Agency said in its annual outlook on Wednesday.
FILE PHOTO: Fatih Birol, Executive Director of the International Energy Agency, speaks with the media during the International Energy Forum in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain
Major global gas markets have experienced price falls to record lows as lockdowns and reduced industrial output due to the COVID-19 pandemic have stunted demand. For the full year, more mature markets across Europe, North America and Asia are forecast to see the biggest drops in demand, accounting for 75% of the total fall in 2020.
“The COVID-19 crisis will have a lasting impact on future market developments, dampening growth rates and increasing uncertainties,” he added.
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