Rising demand in India and China is widening the supply/demand gap in both markets.
The gas import markets in India and China are expected to grow over the summer months because domestic production is failing to keep pace with rising demand. India’s gas demand increased by 15% year on year in March after rocketing by 22% in January and 36% in February. This stands in contrast to the year-on-year decline in demand seen in March 2015, when consumption fell by around 10%. Total demand in Q1 2016 was around 12 billion cubic metres, up from 9 bcm in Q1 2015. The fertiliser sector accounted for around 31% of offtake in March 2016, while the power sector took roughly 25%.
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