China to be world’s second largest natural gas consumer
The Medium-Term Oil and Natural Gas Markets 2010 just published by IEA shows that China will be the world’s second largest natural gas consumer by 2015 with its natural gas demand by then to reach 140 billion cubic meters, a double of China's demand in 2007, according to foreign media reports.
The Report indicates a return to 2008 demand levels by 2012 in the natural gas area, but with significant variation between regions, with European demand recovery slower than elsewhere. China is seen as an area of strong growth, with demand doubling to 140 billion cubic meters by 2015 compared to 2007 now seen as a conservative forecast. This would make China the second largest natural gas consumer in the world. IEA says the recent Gulf of Mexico disaster will hinder the oil production over the next several years during which the world’s oil supply may be tight and oil price will fluctuate widely.