Global gas demand is projected to rise by more than 2.5 per cent in 2024, with a similar growth expected in 2025, according to the latest edition of the International Energy Agency (IEA’s) annual Global Gas Security Review.
Natural gas reserves in Africa totaled over 17.89 trillion standard cubic meters in 2023, with Nigeria housing the largest reserves of around 5.94 trillion standard cubic meters on the continent, (equivalent to roughly three per cent of the proved global natural gas reserves).
The report, which was released on Thursday urged producers and consumers to work together to ensure secure global gas supplies amid mounting geopolitical concerns.
Noting that global demand for natural gas is increasing at a stronger rate in 2024 than in the previous two years, which were heavily affected by the turmoil of the global energy crisis, IEA observed that at the same time, new gas supplies coming to market in 2024 remain limited.
This, it explained, is due to the relatively slow growth of Liquefied Natural Gas (LNG) production while geopolitical tensions continue to fuel price volatility.
According to the IEA report, fast-growing markets in Asia account for a large amount of the increase in 2024 while a rebound in Europe’s industrial gas demand is also contributing, even though it remains well below its pre-crisis levels.
The new Security Review also includes the IEA’s latest quarterly Gas Market Report analysis.
IEA Director of Energy Markets and Security, Keisuke Sadamori said: “The growth we’re seeing in global gas demand this year and next reflects the gradual recovery from a global energy crisis that hit markets hard,”
“But the balance between demand and supply trends is fragile, with clear risks of future volatility. Producers and consumers must work together closely to navigate these uncertain times while taking into account the need to advance clean energy transitions to ensure a secure and sustainable future.”
The report revealed that markets remain sensitive to unexpected supply and demand side developments.
LNG’s role in the global gas trade has grown since the onset of the global energy crisis, and it is likely to play a crucial part in maintaining the supply-demand balance globally.
Constraints across the Panama Canal and the Red Sea continue to impact shipping but have not led to a decline in LNG supply thus far.
However, they highlight the potential vulnerabilities of LNG trade in an increasingly interconnected global gas market.
The situation may shift in 2025 when LNG supply growth is set to accelerate to near 6 per cent as several large LNG projects come online, mainly in the second half of the year.
North America will account for the vast majority of new capacity, while new volumes from Africa and Asia will also contribute.
A key uncertainty ahead of the 2024-25 Northern Hemisphere winter is the transit of Russian gas via Ukraine, with existing contracts set to expire at the end of 2024.
This could mean an end to all piped gas deliveries to Europe from Russia through Ukraine. In turn, this would require higher LNG imports to Europe in 2025 and consequently lead to a tighter global gas balance than if transit via Ukraine continued.
To address some of these challenges, the IEA recommended that flexibility mechanisms along gas and LNG value chains could be enhanced by improving the liquidity of the global LNG market, integrating the Ukrainian gas storage system into the global gas market, and considering potential frameworks for voluntary gas reserve mechanisms.
This year’s edition of the Global Gas Security Review contains a special section on system integration of low-emissions gases in the transport sector. This new analysis is part of the IEA’s Low-Emissions Gases Work Programme.
As well as providing analysis on global gas markets, the IEA is also working with governments around the world to support security of supply.
Since its establishment in October 2022, the International Energy Agency’s Task Force on Gas and Clean Fuels Market Monitoring and Supply and Security has provided key market updates and a platform for data and information exchange among members.
The Task Force worked closely with the government of Japan ahead of the 13th LNG Producer-Consumer Conference co-organised by the International Energy Agency and Japan’s Ministry of Economy, Trade and Industry.
Ndubuisi Francis
Follow us on:
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…
President Tinubu has urged enforcement of strict crowd control measures after deadly stampedes in Anambra,…
In a move to alleviate the burden of rising transportation costs following the removal of…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp 08O ___-6739 __-9O9O
RICE AVAILABLE FOR SALES ARE :-
MamaGold=39,500
Royal umbrella=39,500
Mama Gold=39,500
Rising sun=39,500
Mama Africa=29,500
Elephant Gold=39,500
Caprice =39,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
08O ___-6739 __-9O9O
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9Oags of cement #3,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER 08O ___-6739 __-9O9O THANKS FOR PATRONIZING WITH US.!!.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽.〽