Online Newsletter
Sign up for our newsletter to receive the latest news and information from publics.bg

News

World news

18.09.2015 15:37

Record-High Global Natural Gas Production in 2014 (IEA Report)

In 2014, OECD natural gas demand decreased by 2.3% from 2013, mainly due to the exceptionally mild winter in Europe

AUTHOR: publics.bg

© IEA

In 2014 global production of natural gas hit a record high of 3524 Billion cubic metres (Bcm), but was only 0.3% higher than the figure registered in 2013, a recent report by the International Energy Agency reveals.
In the OECD, 2014 production rose by 2.2% year-on-year. This growth was mostly driven by the United States (+5.9%) and Canada (+3.8%), which offset a substantial decrease in Europe (-7.5%). In the Netherlands, a series of earthquakes which begun in second half of 2013 led to a decline in natural gas production of 18.8% (more than 16 Bcm), thus making the country exit the world’s top 10 natural gas producers.

In 2014, OECD natural gas demand decreased by 2.3% from 2013, mainly due to the exceptionally mild winter in Europe (which reduced demand by 50.9 Bcm).

In the United States, the natural gas industry is to date absorbing the shocks deriving from falling prices, with production still growing in the core areas of prolific shale gas formations.

Non-OECD natural gas demand increased by 0.7%, surpassing OECD demand by more than 240 Bcm, almost equivalent to the combined demand of France, Germany, Italy and the United Kingdom.