Inexpensive natural gas could drop global oil demand by almost a quarter, including removing 3 million barrels per day (bpd) of demand for marine fuel, according to Edward Morse, global head of commodity research for Citi Group.
Speaking at the Middle East Petroleum & Gas Conference in Abu Dhabi, Morse said a total of 20 million bpd of world oil demand could be replaced by natural gas-based fuels, with a majority of the change - 12 million bpd - coming from the transport sector.
Morse said global oil prices may be at a peak for the medium term, and oil producing countries are likely to be hurt by the developing trends.
Read in full: http://shipandbunker.com/news/world/956852-natural-gas-could-displace-3-million-bpd-of-bunkers