Natural Gas Output Forecast to Decline as Demand Soars
US Energy Information Administration Releases Annual Outlook
Key Findings:
The US Energy Information Administration (EIA) has predicted a significant decrease in natural gas production in 2024, while demand is anticipated to reach record levels.
According to the EIA's annual outlook, dry gas production is expected to drop from a record high of 103.8 billion cubic feet per day (Bcf/d) in 2023 to 103.5 Bcf/d in 2024.
Despite the decline in production, demand for natural gas is projected to surge to a record high due to increased consumption in the power generation and industrial sectors.
The EIA's report also indicates a decrease in carbon dioxide (CO2) emissions from fossil fuels, with a decline from 4,794 billion metric tons in 2023 to 4,788 billion metric tons in 2024.
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