Natural gas heads for record drop in global demand

London

THE global natural gas market is poised for its biggest drop in demand as a result of the Covid-19 crisis, an event thatis likely to hamper the industry's growth for years to come.

Consumption is set to slump by 4 per cent this year, or twice the amount lost after the 2008 financial crisis, said Gas 2020, a report released by the International Energy Agency (IEA). Global demand is expected to rise by just 1.5 per cent annually to 2025, compared with a previous forecast of 1.8 per cent.