The Global Gas Market: Modern Trends and Development Prospects

The current state of the global natural gas market, as well as regional aspects of gas production and consumption, are analyzed. Forecasts of the long-term development of the global market are presented, with a special focus on the countries of East and South Asia, where, according to long-term forecasts, gas demand will double by 2050, to 1092.6 million tons of oil equivalent (Mtoe). The environmental benefits of natural gas will support, but not determine, its role in certain markets, because the prospects for using gas in the power industry are determined primarily by its price. By 2050, China is expected to increase its consumption by almost 350 billion cubic meters (bcm) to 661 bcm, more than the countries of the European Union and the Middle East use today. The decisions already taken by the Chinese authorities will play a huge role in shaping global trends and may become a catalyst for the transition to "clean" energy. The scale of China's renewable energy deployment and export of these technologies implies a low-carbon development path for the country. During periods of economic slowdown, the imbalance of supply and demand in the global hydrocarbon market leads to its destabilization. To predict such situations in advance, experts analyze the evolution of energy markets, considering the consequences for Russia in their forecasts. However, almost all experts are not ready to specify the period in the foreseeable future of peak gas demand even for the world's largest economies (except for the European Union and the developed countries of Asia).