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The United States will produce two fifths of the world’s extra gas by the year 2022. the International Energy Agency (IEA) said in a press release on Thursday.
`The United States — the world’s largest gas consumer and producer — will account for 40 percent of the world’s extra gas production to 2022 thanks to the remarkable growth in its domestic shale industry.` the release stated.
The release noted that the global gas market is dealing with a major shakeup because new supplies from the United States are helping to meet the demand in developing economies.
The IEA believes the United States will be able to challenge Australia and Qatar for global leadership among exporters of liquefied natural gas.
Global gas demand will increase 1.6 percent each year for the next five years. and China will account for about 40 percent of that growth. the release added.
