Commodity Market Report
Global gas: Global supply
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Report summary
European production will soon enter terminal decline as Northwest Europe’s major fields continue to mature. Norway remains the most significant contributor to European production. In Asia Pacific, China stands out in terms of production growth, with domestic output growing 90 bcm from 2025 to 2035. The Middle East will see significant supply growth, primarily driven by multiple new LNG projects in Qatar but also in other markets like the UAE. Growth in Russian supply will be more gradual through the forecast as the country continues to face international sanctions and pipe and LNG export options face headwinds. Rising LNG exports and increased domestic demand in North America will drive significant supply growth of 450 bcm between 2024 and 2050. North American production will reach 1,730 bcm in the late 2050.
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