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Global race for natural gas and prices soar

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Global race for natural gas and prices soar

energy
August 06, 2021

The world witnessed great jumps in demand for natural gas, especially from Europe and Asia, coinciding with the return of global economic growth, the approaching winter season, and the decline in the risks of Corona in light of the great progress in vaccination operations.

According to the estimates of major international companies, including Shell, the global demand for liquefied gas will rise from 360 million tons annually in the current year 2020 to 700 million tons annually in the year 2040.

The accelerated demand for consumption was reflected in the prices of natural gas, which witnessed crazy rises in the main energy-consuming markets. In the world amid a global supply shortage and fears of a harsh winter this year.

Analysts expect that prices will continue to rise during the second half of this year and until the end of next year 2022 at the very least, amid the great shortage of supplies and high demand.

As natural gas prices in the European market continue to rise to record levels of more than $500 per thousand cubic meters for future contracts, the producing countries are betting on increasing their production to reap the price recovery cycle and obtain more billions of dollars, amid hopes of record increases in their exports.

Among these countries are Qatar, Russia, Algeria, Canada and Norway

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