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June 10, 2020

Covid-19 and mild winter lead to historic decline in natural gas demand

The combination of the Covid-19 crisis and exceptionally mild winter in the northern hemisphere has set natural gas global demand on course for its largest annual decline in history, the International Energy Agency (IEA) said today in a new report.

By Yoana Cholteeva

The combination of the Covid-19 crisis and exceptionally mild winter in the northern hemisphere has set natural gas global demand on course for its largest annual decline in history, the International Energy Agency (IEA) said today in a new report.

According to the ‘Gas 2020’ study, global gas demand is expected to fall by 4%, or 150 billion cubic metres, twice the size of the drop following the 2008 global financial crisis.

IEA’s executive director Dr Fatih Birol said: “Natural gas has so far experienced a less severe impact than oil and coal, but it is far from immune from the current crisis. The record decline this year represents a dramatic change of circumstances for an industry that had become used to strong increases in demand.”

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