BAKU, Azerbaijan, May 4. Global gas demand is forecast to remain unchanged in 2023, Trend reports citing the latest gas market outlook from the International Energy Agency (IEA).
"The strong decline in gas demand continued into the early months of 2023 due to favorable weather conditions and timely policy actions. Natural gas consumption in advanced economies in Europe fell by an estimated 55 bcm year-on-year during the 2022/23 heating season – its steepest drop in absolute terms for any winter season on record," the reports said.
At the same time, the agency expects higher gas demand from Asia Pacific and the Middle East. This will offset declines in Europe and North America.
Meanwhile, in Asia, gas demand is forecast to rise by approximately 3 percent, with China and India as the main drivers for the growth.
"Gas demand in China is forecast to increase by over 6 percent in 2023, supported by a recovery in economic activity and potentially higher gas use in industry," the agency noted.
According to the IEA's estimations, gas demand in the Middle East is forecast to grow by 2 percent, with Iran and Saudi Arabia as main contributors.
"Gas demand in advanced economies in Europe is projected to decline by 5 percent as rapidly expanding renewables weigh on gas-fired generation. After strong growth in 2022, gas demand in North America is expected to decline by 2 percent as a result of lower gas use for space heating, power generation and industry," the report added.