BP said it expects gas demand to remain strong in the coming years, as natural gas investment grows and supply grows.
The oil giant said on Wednesday that it expects U.S. natural gas production to rise 1.4 million barrels per day in 2020, or roughly 6 percent per year.
The increase in production, the second largest increase in a decade, is expected to help boost oil prices.
BP expects U,S.
gas production will rise 1,500,000 barrels per month, or about 8 percent per month by 2021.
Natural gas was a major contributor to the global economy during the downturn.
BP expects its natural gas demand in 2020 to grow 4.7 percent from 2020 to 2021, an increase of 1.6 million barrels.
That is slightly above the average for the year, but below the 3.5 percent increase forecast for 2021.
The company said its natural resource demand is still stable and the company expects natural gas to be a “strong driver” for growth.
“We expect gas demand growth to continue at around 4.0 percent per annum and natural gas supply growth to be stable over the next several years,” the company said in a statement.
This article is from the archive of our partner The Wire.