North American natural gas markets hit hard by COVID-19, but expected to grow through 2040
Friday, January 22, 2021
Although North American gas production felt the majority of the pandemic’s impact on global output last year, demand fared better amid lower prices, according to Natural Gas Intelligence.
Rystad Energy, an independent research firm, estimates North American gas production fell 47 billion cubic meters year-over-year to 1,103 bcm in 2020. Simultaneously, global output dropped 3.6% year-over-year with total production around 3,918 bcm.
Although North American markets felt the brunt of exploration and production curtailments in 2020, the United States dominated growth in liquefaction capacity to help meet demand within the power sector. Additionally, the U.S. is expected to lead global liquefaction capacity additions through 2040.
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