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A senior official from Gazprom, a Russian energy giant, said in a recent speech at the Gas Exporting Countries Forum (GECF) that natural gas would surpass the negative impact of coronavirus on the global energy industry in the short term, and even lead the growth of the industry in the medium and long term.
“The medium and long term fundamentals supporting natural gas remain unchanged.” Said Elena burmistrova, vice chairman of the Gazprom Management Committee and director general of exports.
In analyzing the current and future state of the natural gas industry, burmistrova pointed out that before the epidemic, the natural gas market had been in the crisis of oversupply. After the sharp fall in Asian prices, LNG could only flow to Europe.
“By the end of 2019, the remaining natural gas reserves in Europe will be 21 billion cubic meters. And epidemic restrictions have added pressure on weak gas demand by depressing economic activity She also pointed out that as of April 2020, the EU industrial production index plummeted to nearly – 28.7%, while gas consumption in the first half of the year fell by 6.5%, to a 10-year low. ”
However, European gas center prices and Gazprom gas sales have improved again, and in her view, the gas industry has shown signs of recovery.
According to Dr. Yury sentyurin, Secretary General of GECF, natural gas is still at the forefront of the world’s No. 1 energy source despite the global economic setback for most of 2020.
“Based on the fact that natural gas is the most environmentally friendly fossil fuel, GECF is promoting its use as a target fuel and a selective fuel to achieve the United Nations sustainable development goals and the provisions of the Paris Agreement.” Sentyurin added.