IEA – Gas Market Report, 3Q 2024

The global gas market saw growth in the first half of 2024, with a 3% increase in demand, driven mainly by Asia. However, the outlook remains fragile due to lower LNG production in the second quarter and geopolitical tensions affecting prices. Global gas demand is expected to moderate in the second half of the year. LNG supply decreased in the second quarter for the first time since 2020, with the U.S. expected to lead in new liquefaction capacity. Natural gas prices rose in key markets, influenced by supply constraints and uncertainties in Russian gas supplies to Europe. Global gas demand growth is predicted to slow to below 2% in the second half of 2024, with industry being the main driver. Low-emissions gas supply is projected to double by 2027, primarily led by Europe and North America. Efforts are needed to fully unlock the potential of low-emissions gases and meet government targets. Emerging producers like Brazil, China, and India are also expected to contribute to the growth in low-emissions gas supply.