Gas Market Report Q3-2021
Gas Market
Report Q3-2021
including Gas 2021 - Analysis and forecast to 2024
INTERNATIONAL ENERGY AGENCY
The IEA examines the full spectrum of
energy issues including oil, gas and
coal supply and demand, renewable
energy technologies, electricity
markets, energy efficiency, access to
energy, demand side management
and much more. Through its work, the
IEA advocates policies that will
enhance the reliability, affordability
and sustainability of energy in its 30
member countries, 8 association
countries and beyond.
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Abstract
Gas Market Report Q2-2021
Abstract
Natural gas markets started off the year with a strong rebound,
supported by a combination of recovering economic activity in most
markets along with a series of weather-related events ¨C cold spells
in Q1 followed by colder or drier than average temperatures in Q2.
Rising demand in 2021 is expected to offset 2020¡¯s decline and
even grow further with an anticipated 3.6% annual increase.
Demand growth is, however, not expected to maintain this pace in
the medium term, but rather to slow to an average 1.7% annual rate
for the 2022-2024 period, equally driven by economic activity and
fuel switching from coal and oil. This slower growth may still be too
high to match a net-zero emissions path, which requires higher
substitution rates and efficiency gains ¨C especially in mature
markets, where most of the switching potential from coal and oil to
gas has already been realised.
PAGE | 2
IEA. All rights reserved.
This new quarterly report offers a medium-term forecast and
analysis of global gas markets to 2024, as well as a review of recent
developments in major regional gas markets during the first half of
2021.
Table of contents
Gas Market Report Q3-2021
Table of contents
Gas 2021: Analysis and forecast to 2024 ......................................................4
Overview and key findings ........................................................................ 5
Demand .......................................................................................................... 9
Supply ..........................................................................................................38
Tracking clean gas progress ........................................................................48
Trade ............................................................................................................61
Gas market update and short-term forecast ...............................................75
PAGE | 3
IEA. All rights reserved.
Annex ..............................................................................................................99
Gas 2021: Analysis and forecast to 2024
Gas Market Report Q3-2021
PAGE | 4
IEA. All rights reserved.
Gas 2021: Analysis and forecast to 2024
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