Deutsche Bank-Thematic Research Structural changes in global gas markets ...-109006611

EricHeymann|SeniorEconomist|eric.heymann@db.com|+4969910-31730WewouldliketothankLennartZwingenbergerforhisvaluablecontributionStructuralchangesinglobalgasmarketsin20chartsIMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.MCI(P)041/10/2023.UNTIL19thMARCH2021INCOMPLETEDISCLOSUREINFORMATIONMAYHAVEBEENDISPLAYED,PLEASESEEAPPENDIX1FORFURTHERDETAILS.Distributedon:03/07/202412:52:05GMT7T2se3r0Ot6kwoPaResearchDeutscheBankJuly3,2024,EricHeymann,eric.heymann@db.com1DeutscheBank2.Summary:Keydevelopments3.Globalgasproduction:Globalgassupplyisgrowing4.Largestgasproducers:USisthelargestgasproducer(withincreasingproduction)–Europeisfallingbehind5.Marketshares:USinthelead,whileEuropeandRussia(forthemoment)havebecomelessimportant6.Gasconsumption:Globalgasconsumptionhasdoubledsince1990–AsiaPacificregisteredanincreaseofmorethan500%7.Largestgasconsumers:WhileUSandEuropeangasconsumptionwasequalin2008,USdemandisnow90%higherthaninEurope8.Provedreserves:Despiterisingproductionandconsumption,provedreservesofnaturalgashaveincreased9.PipelineversusLNG:LNGtradehasovertakenpipelinegastradeduetotechnologicalprogressandgeopoliticaltensions10.Globalgasexports:TheUSbecamethelargestgasexporterin202211.LNGexports:US,QatarandAustraliaaccountfor60%ofglobalLNGexports12.Globalgasimports:Europestillthelargestgasimporter,butChi...