Natural Gas News – December 4, 2018
Global Natural Gas Industry 2018 with BP, Gazprom, National Iranian Oil Company, ExxonMobil Dominating
Marketwatch reported: The year 2017 witnessed a significant increase in the production of natural gas worldwide. Globally, the production of natural gas increased by over 130 billion cubic meters (bcm) in 2017, or four percent – nearly double of the ten-year average growth rate. In fact, this was the fastest growth the industry witnessed ever since the financial crisis of 2008-2009. Russia witnessed the largest growth, standing at 46 bcm or over eight percent. Iran followed with 21 bcm. Australia was at 17 bcm, followed by China at 11 bcm. The recent years have seen the natural gas markets undergo several transformations. With China entering the global natural gas scene, and the United States emerging as a big player in the global LNG market, the industry is poised to undergo major growth in the coming years as natural gas demand rises as never before.
China-U.S. Ceasefire Paves Way For New LNG Projects
Oil Price reported: News broke on Saturday that the U.S. and China had reached a ceasefire in its ongoing trade war after President Trump met with Chinese President Xi Jinping at the G20 summit in Argentina. According to the White House, the U.S. will still keep in place $200 billion of tariffs on Chinese imports but will not increase those tariffs from 10 percent to 25 percent after the start of the year as originally planned. The deal will also keep, at least for now, Trump from placing another $267 billion worth of Chinese goods under tariffs. Both sides will immediately hold talks on structural changes concerning forced technology transfers made by Chinese firms on U.S. companies, intellectual property rights protection, non-tariff trade barriers, cyber intrusion concerns, cyber theft and agricultural, the White House added.