Middle East Natural Gas Market- Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Middle East Natural gas market is projected to register a CAGR of over 5.0% in the current year.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
Key Highlights• Saudi Arabia was the sixth-largest natural gas producer in the world, behind Russia, Iran, Qatar, United States, and Turkmenistan in 2021. Saudi Arabia's extensive natural gas infrastructure can capture, process, and transport natural gas to the country's demand centers.
• As of 2021, the consumption of natural gas increased in the country from 4.07 exajoules in 2020 to 4.22 exajoules in 2021 due to the government's emphasis on boosting gas production and use to lessen its carbon footprint.
•Saudi Arabia had a vast increase in natural gas production, going from 99.2 billion cubic meters in 2015 to 117.3 billion cubic meters in 2021. The sector's growth is anticipated to be boosted by a further increase in production.
• The nation has an integrated system for collection, processing, and transmitting gas called the master gas system (MGS). This system is used for both associated and non-associated natural gas transportation to produce NGLs (natural gas liquids). The demand for natural gas is anticipated to rise along with the need for NGLs.
• Hence, owing to the above points, Saudi Arabia is expected to see significant market growth in the Natural gas market during the forecast period.
Competitive LandscapeThe Natural gas market is moderately consolidated. Some of the key players in this market are Saudi Aramco, BP PLC, Total Energies SE, Royal Dutch Shell PLC, and Exxon Mobil Corporation.
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