GECF: Global gas demand will grow 46 percent by 2040

According to the Global Gas Outlook 2040 report issued by the Gas Exporting Countries Forum (GECF) the global demand for gas will increase 46 percent by 2040.

The report – which forecasts global gas demand – says electricity generation and the industrial sector will be the biggest contributors to this growing demand.

“Global demand for natural gas will grow by 46 percent – from 3.7 trillion cubic meters in 2017 to 5.43 trillion cubic meters in 2040,” GECF said in the report released on Friday.

The report also stated that the share of natural gas in the global energy balance will increase from 22 percent to 26 percent by 2040.

“Total production growth is expected at 1.7 percent annually until 2040. The United States, Russia, China and Iran will be the main contributors,” it said.

Additionally, the production of natural gas in GECF countries is projected to increase by one-third, reaching approximately 2 trillion cubic meters by 2040.

The report also forecasts that the oil price will remain above $60 per barrel until 2040, at least.