COVID-19 could force constrained Eastern Mediterranean gas production until 2023, says GlobalData

COVID-19 could force constrained Eastern Mediterranean gas production until 2023, says GlobalData

Eastern Mediterranean regional gas demand has been supressed and liquefied natural gas (LNG) spot prices have been crippled by the impacts of COVID-19 in the first half of 2020. The longer lasting impacts are likely to weaken the demand outlook, which could force reduced gas output from the region until 2023, according to GlobalData, a leading data and analytics company.Daniel Rogers, Oil and Gas Analyst at GlobalData, comments: “Major gas fields including Zohr and Tamar have constrained production in light of diminished domestic demand and an unfavorable LNG market.”Weak demand and spot prices have curbed LNG exports out of Egypt throughout April, May, and June this year. In addition, the reduced regional demand has constrained gas output and instigated downward revisions of