Wednesday, April 24, 2024

Report: Gas production rise in Iran offsets decrease in global oil market share

Iran produced 250 billion cubic meters of gas in 2020, which accounts for 6 percent of the global share and makes up for the loss of its share in the oil market due to sanctions, according to a repot by IRNA.

Gas is expected to remain one of the main energy sources in the world for the next three decades, therefore considering the developments, including Russia’s war on Ukraine and the disruption in gas supply by Moscow, Iran is predicted to play a major role in the market.

As the world is emerging from the coronavirus pandemic, the global demand for gas increased by 4 percent in 2021, with China as one of Iran’s main trade partners recording the highest demand.

Iran sits on some of the world’s largest deposits of proven natural gas reserves.

Despite US-sponsored sanctions, Iran’s natural gas production grew steadily over the past 20 years, making it the world’s third-largest producer.

However, the country needs to rein in its domestic gas consumption which devours a major part of its output.

According to figures provided by IRNA, Iranians consumed 233 billion cubic meters of gas in 2020, which accounted for 42 percent of consumption in the Middle East.

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