Natural gas demand grew at the fastest pace since 2010 last year, but a slowing global economy and other factors will put the brakes on runaway growth.
IEA chalks up the slowdown to forecasts for weaker economic growth, a return to average weather conditions and diminishing opportunities to switch from coal to gas in electric power plants.
IEA forecasts China will account for 40% of global gas demand growth during the next five years. Yet the slowdown will be pronounced in the Middle Kingdom. After surging by 14.5% in 2017 and 18.1% in 2018, Chinese gas consumption is projected to rise by just 8% per year through 2024, owing largely to slower economic growth.
Most of the new supply needed to meet growing demand will come from the U.S., where surging production from the nation's shale fields has left drillers in search of new markets. American gas output surged by 11.5% in 2018, marking the fastest growth since 1951, according to IEA.
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