IEA cuts global gas demand growth forecast for Asia

The International Energy Agency has taken the step after surprisingly weak Asian markets

The International Energy Agency (IEA) has cut its global gas demand growth forecast on the back of surprisingly weak Asian markets. Only a few years ago the IEA saw that region as exemplifying the future golden age for gas, while even then the golden age in Europe was a thing of the past. Compared to its predictions last year, the Paris-based agency cut its five-year production projection substantially – by 140bn cubic metres (cm) to 3926bn cm. Global gas demand is expected to expand by an average 2% between 2014 and 2020, slower than the 2.3% averaged over the previous ten years.  “The experience of the past two years has opened the gas industry’s eyes to a harsh reality: in a world of very