BAKU, Azerbaijan, September 7. The EU’s demand for Azerbaijani gas by the end of 2022 is projected to stand at 12 billion cubic meters, Trend reports via the latest forecast on the EU’s natural gas demand from Fitch Ratings agency.
The forecast says for 2023 the demand is to remain the same, at 12 bcm.
According to the data from Fitch Ratings, this kind of demand will place Azerbaijan as the fourth largest exporter to the EU, following after total liquefied natural gas (LNG) exporters, Norway and African countries.
The EU’s total annual natural gas demand in 2022 is expected at 357 billion cubic meters, which is 10 percent less than in 2021. The European gas demand will continue with downward trend in 2023 as well.
The demand is expected to drop by 5 percent to 339 billion cubic meters, Fitch said.
According to the agency’s forecast, on the back of Russia’s suspension of gas exports through the North Stream 1 pipeline, the EU countries will increase LNG imports to 121 billion cubic meters this year, and to 155 billion cubic meters in 2023.
Fitch Ratings believes that increasing alternative gas supplies, especially reaching record-high in LNG imports, and reducing gas consumption by 15 percent in 2023 compared to 2021, will help prevent gas shortages in the EU countries.
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