BAKU, Azerbaijan, January 26. Gas demand in the Eurasian region is expected to increase by 2 percent in 2024, Trend reports.
According to the latest forecast from the International Energy Agency (IEA), the regional demand growth will be driven by heightened demand in the industrial, residential, and commercial sectors.
Thus, Eurasian gas demand is forecast to total 641 bcm in 2024, compared to 629 bcm estimated for 2023.
As per the agency's data, in 2023, Eurasia saw an increase of approximately 1 percent in its gas demand year-on-year (622 bcm in 2022).
Meanwhile, gas production in the region experienced a drop of around 3 percent, equivalent to nearly 30 bcm, primarily attributed to reduced output in Russia and Uzbekistan. Russia's natural gas production declined by an estimated 5 percent, surpassing 30 bcm, mainly due to decreased piped gas exports to the European Union. In Uzbekistan, natural gas production fell by nearly 10 percent, equivalent to 5 bcm in 2023, owing to ongoing challenges in the upstream sector.
Conversely, there was an estimated 7-percent growth in natural gas production (6 bcm) in Turkmenistan and a 6-percent increase (1.5 bcm) in Kazakhstan. Azerbaijani gas output experienced a 4-percent growth (1.5 bcm) in 2023, partly supported by increased piped gas deliveries to the EU.
Global gas demand is forecast to grow by 2.5 percent, or 100 bcm, in 2024, fuelled by industry, as well as the residential and commercial sectors, assuming a return to average weather conditions after a mild winter in 2023.