In its International Energy Outlook 2021 (IEO2021), the US Energy Information Administration (EIA) projected that Asia’s non-OECD countries would be natural gas’ biggest importers by 2050.
The reason behind the forecast was that Asian countries that are not members of the Organization for Economic Co-operation and Development (OECD), led by China and India, would see continuous economic growth which would spur natural gas needs more than they produce domestically.
At the moment, the highest importers of natural gas are the countries of OECD Europe, followed by Japan and South Korea combined. Non-OECD Asia is at the third level.
To fulfill the natural gas demand globally, the three biggest natural gas producers which are the US, Russia, and the Middle East would increase their output steadily along with exports. They have large proven reserves of both natural gas and oil as well as the processing and transportation infrastructure to support production increases.
The EIA, on its IEO2021 Reference case, expected the US to still be the world’s biggest natural gas producer who produces close to 43 Tcf in 2050. Russia would likely show the largest growth in net exports, more than doubling over the projection period to remain the largest net exporter of natural gas by 2050, at more than 14 Tcf.
In the upcoming decade, the US is forecast to see its most rapid period of growth with net exports almost double as the country expands its liquefied natural gas (LNG) infrastructure and produces natural gas at high volumes.
