Global gas demand growth for 2025 has been revised down to 1.6%, with the industrial sector the main drag, the Gas Exporting Countries Forum said in its September Monthly Gas Market Report.
In August, gas use fell 3.7% year on year in the EU to 15.8 bcm and declined 5% in the US to 72.4 bcm, while China’s apparent demand rose 3.3% year on year in July to 36.2 bcm.
The Forum projects global gas production to grow 1.8% in 2025; in August, US output increased 4.1% year on year to 93.9 bcm, Asia-Pacific posted a 0.6% rise and Latin America and the Caribbean grew 1.8% on record monthly production in Argentina and Brazil, while Europe’s output fell 5.5% year on year to 15.2 bcm in July as Norway weakened.
Malaysia reported first gas from the Bindu field offshore Terengganu, with peak output expected at 0.8 bcma.
Global liquefied natural gas imports reached a monthly record of 37.9 Mt in August, led by a rebound in Asia Pacific, while Europe kept intake elevated to build storage.
Storage continued to build across the northern hemisphere: the EU averaged 76 bcm in August (73% of capacity) versus 93 bcm a year earlier; the US stood at 91 bcm (68% of capacity), 3 bcm below last year; combined LNG inventories in Japan and South Korea rose to 12 bcm.
Spot prices softened in August: TTF averaged $10.98/MMBtu (down 4% m/m and 10% y/y), northeast Asia $11.52/MMBtu (down 6% m/m and 13% y/y), and Henry Hub $2.91/MMBtu (down 9% m/m but 46% higher y/y).
The Forum said spot prices “are expected to face upward pressure ahead of the upcoming winter season.”
The report’s feature article highlights offshore supply as a structural driver: offshore currently accounts for 29% of global output (about 1.2 tcm per year), is projected to reach 34% by 2050, and has 17 Mtpa of FLNG capacity operating with another 17 Mtpa under construction.
It adds that offshore associated gas is roughly 400 bcm per year and that sanctioned offshore projects in 2024 added 1.2 tcm of reserves, reflecting renewed momentum after the 2010s.
Gas Exporting Countries Forum (GECF) is an intergovernmental organization of leading gas-exporting states that provides a platform for cooperation and publishes market analysis. It comprises 12 Member Countries and 8 Observer Countries across four continents, including Algeria, Egypt, Iran, Nigeria, Qatar, Russia, the United Arab Emirates and others. Its Monthly Gas Market Report is prepared by the Gas Market Analysis Department.