China will become the world’s largest consumer of gas

Китай станет самым крупным в мире потребителем газа

In China I think gas is more ecological fuels

Consumption boom will come after 2040.

China will become the world’s largest consumer of natural gas in the period between 2040 and 2050, writes Bloomberg referring to analysts of Sanford C. Bernstein & Co.

As noted, the country is going to overtake the US, currently the largest consumer of natural gas, and all other countries over the next two decades, the report said Bernstein, 17 October, Vesti economy.

China was the main driver of growth in world oil demand for most of the last 20 years.

A boom in gas demand emphasizes the intention of the authorities of China to reduce consumption of dirtier fuels such as coal and oil, in an attempt to clear the air in cities suffering from smog. According to the government, the demand for natural gas in January-August was 18% higher than a year earlier.

“The gas market in China has entered a new Golden age, wrote in the report, Bernstein analyst Neil Beveridge. Growth in 2017 has shown a significant improvement compared to 2016, as government policies to stimulate growth in the demand for gas is starting to give results”.

Consumption will probably continue to grow over the next few years and will reach 300 billion cubic meters in 2020 compared to 206 billion last year, said Beveridge. According to the forecast, the demand may rise to about 600 billion cubic meters by 2040, and then to exceed demand in the United States between 2040 and 2050, making China the world’s largest consumer of natural gas.

Gas demand in Asia will double to 1.2 trillion cubic meters by 2025, predicts Bernstein. This will contribute to several factors, including economic growth, urbanisation, environmental factors and the boom of gas supply due to shale drillers in the United States.

The main risk for future gas demand is the likelihood that renewable energy sources receive a greater share of the global energy market faster than expected.

We will remind, the President Petro Poroshenko wants Europe to start buying Russian gas on the Eastern border with 2019.