Russian state-owned Gazprom said that the most significant development of the year, including in the energy market, has been the new coronavirus pandemic. At the same time, the pandemic’s impact on the global gas market has been quite limited. According to Gazprom’s preliminary estimates, the global demand for gas in 2020 fell by about 2 per cent, while other fossil fuels are showing greater decline in consumption.
The demand for natural gas is poised to grow in the long term. By 2040, worldwide gas consumption is expected to rise by 1.3 trillion cubic meters and exceed 5.3 trillion cubic meters.
The key trends that persist in the gas market are dwindling gas production in Europe and increasing gas consumption in China.
In 2020, the amount of gas produced in Europe totaled some 220 billion cubic meters, a nearly 7 per cent drop versus last year. This trend will continue for the long term.
As environmental issues are becoming more and more relevant in the energy market, oil and gas majors continue to reshape their strategies by developing business areas related to natural gas.
Gazprom makes systematic efforts to strengthen its positions by expanding its resource base, building new infrastructure to provide stable supplies, diversifying export routes, and enhancing its product portfolio.
