Global gas markets long-term outlook H2 2019: Middle East and East-Med Report

Commodity Market Report 26 November 2019

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Report summary

Over the last decade, natural gas has become the fuel of choice to meet a soaring domestic demand in the Middle East. However, strong disparities have emerged from unequal gas resource distribution, while geopolitics have limited cooperation on gas infrastructure and trade. Rapid growth of domestic demand has also created distortions – with subsidies supporting inefficient and over-use of gas and electricity. But new gas production is becoming more technically challenging. Pricing reforms are slowly becoming a reality and diversification is progressing. How will this impact the outlook for gas in the region? The gas landscape in the East-Mediterranean region will also change profoundly over the next years. Regional trade will enhance cooperation between countries and ultimately lead to gas surplus. LNG imports, which have been critical to filling the gap, are set to disappear. In turn, LNG exports are becoming a reality again, but challenges remain to achieve maximum utilisation.

Middle East
- Gas is fuelling the domestic markets
- New production will help meeting demand in the medium term
- A more efficient usage of gas ahead
- Energy transition initiatives are threatening long-term gas growth
East-Med
- Gas production back on track to meet domestic demand
- Investment will spur additional medium-term demand growth
- Diversification in power threatening long-term gas demand
Middle East
- Qatar's 150 bcma (110 mmtpa) LNG ambitions
- A more pragmatic approach in Oman
- Large sour gas projects in Saudi Arabia
- UAE’s investments in unconventional and sour gas resources
- Iran's potential to develop exports
East-Med
- Middle East
- East-Med
- Middle East
- East-Med
- Middle East
- East-Med