In 2007, the world natural gas market was optimistic, despite unsupportive weather conditions in the northern hemisphere. This was no doubt assisted by the firmness of the US and Asian markets.

What is remarkable at the consumption level is the burgeoning demand from China, which looks like becoming a major importer. Conversely, there has been a noticeable reduction in Europe, for the reasons stated. However, world consumption is forecast to grow during the next few years.

With regard to production, the main features are again the strong increase in China and recovery of production in the United States, which also figured strongly in international trade on account of the spectacular increase in import volume. Elsewhere, the forecast is that the export capacity of North Africa overall will increase significantly during the next five years.

Turning to the growth in world reserves, there have been no significant increases – known deposits are expected to last for about 62 years – although there has been considerable activity in infrastructure creation.

Finally, in the area of international agreements within the political arena, mention must be made of the firm intention declared by the Spanish and Portuguese governments to create the Iberian Gas Market.