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Global gas demand growth rate has increase by 2.4 percent since the beginning of the century, Trend informs with reference to the Annual Report of Royal Dutch Shell.
“We estimate global gas demand to have grown by about 3.2 percent in 2018, which is higher than the average annual growth rate of 2.4 percent since the beginning of the century,” said the company.
The company said that a combination of weather conditions, implementation of new policies such as the partial substitution of coal by gas-fired power generation in China, and global economic growth led to an increase in demand in most regions.
Global liquefied natural gas (LNG) imports grew by 28 million tons (9.6 percent) in 2018, reads the report.
“LNG demand growth was supported by weather conditions, lower nuclear power generation and the start-up of new regasification capacity in Asia. China and India alone increased their regasification capacity by 19 percent and 33 percent from 2017 respectively, equal to 21 million tons per annum, in total,” said Shell.
The company believes that supply growth was primarily driven by the start-up of new projects in Australia, the USA and Russia. “The majority of additional LNG supply was absorbed by Asia, offsetting declines in the Middle East and North Africa.”
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