BAKU, Azerbaijan, October 3. Global gas demand in 2022 is expected to decline by 0.8 percent, the International Energy Agency (IEA) forecasts, Trend reports via the latest gas market view from the Agency.
As for the 2023 forecast, the IEA expects global gas demand to rebound slightly and grow by 0.4 percent.
High prices and limited supply conditions have reduced natural gas consumption in most regions, the Agency said, adding that gas demand declined by almost 10 percent year-on-year in OECD Europe from January through August 2022, “falling by an estimated 15 percent in the industry due to production curtailments”.
“Major Asian gas markets experienced limited to negative growth – China and Japan were close to flat, and India and Korea contracted. South and Central America also recorded a decline in the first half of 2022,” the report noted.
Meanwhile, “North America was one of the few regions where demand increased, supported by demand from power generation and comparatively lower prices – albeit at decade highs,” the IEA added.
The IEA analysis shows that gas saving measures will be crucial for Europe to minimize the need for storage if Russia completely stops pipeline deliveries this winter, and thus, maintain flexibility of supply in the event of possible late cooling.
“Interregional competition in LNG procurement may create further tension, as additional European needs would put more pressure on other buyers, especially in Asia, and conversely cold spells in Northeast Asia could limit Europe’s access to LNG,” the Agency added.
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