BAKU, Azerbaijan, October 10. Russia's natural gas demand will remain relatively stable in 2023, Trend reports.
According to the International Energy Agency (IEA), Russia's natural gas demand declined by more than 5.5 percent in 2022, amounting to nearly 30 bcm, after a robust increase of 12 percent, equivalent to 55 bcm, reaching a record high of 516 bcm in 2021. This decline was, in part, a reflection of reduced commercial and industrial activity in the country.
In 2023, the increase in Russia's gas consumption in the power sector will be offset by continued reductions in the industrial and transport sectors. However, gas demand is anticipated to resume growth in 2024, expanding by 6 percent, or nearly 30 bcm, between 2022 and 2026. This growth will be primarily driven by the industrial and power sectors.
Specifically, natural gas demand in the industrial sector is forecasted to grow by 10 percent over the period of 2022-2026, contributing to one-third of the overall demand growth.
In Russia's power sector, including heat generation, a modest average annual growth rate of less than 1 percent is expected during 2022-2026, assuming average weather conditions.
Furthermore, natural gas usage in the transport sector is projected to expand by close to 10 percent, or 3.5 bcm, during 2022-2026. This growth will be supported by increased demand from the transmission system, driven by the gradual recovery in Russia's natural gas production and the escalation of piped gas exports to China through the Power of Siberia pipeline system.