On Tuesday, Rystad Energy shared its estimate that in 2020, the global natural gas output would likely fall by 2.6%, impacted by the coronavirus pandemic.
This year, total natural gas production is forecast to be 3,962 bcm, from 4,069 in 2019. Meanwhile, 2021 is likely to show a rise to 4,015 bcm and 2022 to continue the uptrend to 4,094 bcm.
Rystad said that in percentage terms, associated gas from oilfields would be the most affected output. It is now predicted to slump by 5.5% to 517 bcm this year. Next year, it is estimated to rise to 530 bcm and to 542 bcm in the year after that.
Rystad Energy’s Head of Gas and Power Markets Carlos Torres-Diaz opined that the optimism in future oil prices was the strongest fuel to the recovery, and associated gas fields’ output could be driven up gradually.
However, he underlined the importance of future oil prices in defining the total natural gas output.
The agency further predicted that in 2025, Brent crude oil prices would stabilize at about USD60/barrel, from the current level of USD43/barrel.
