BAKU, Azerbaijan, January 26. Gas demand in the Middle East is expected to see a 3-percent increase in 2024, the International Energy Agency (IEA) forecasts, Trend reports.
According to the agency's data, the region's natural gas demand will total 605 bcm in 2024, compared to 591 bcm estimated for 2023.
As per the IEA's estimations, in 2023, natural gas demand in the region grew by an estimated 2 percent year-on-year (580 bcm), buoyed by increased domestic production and a surge in gas usage in the industrial and power sectors.
In Iran, natural gas consumption rose by approximately 3 percent, fueled by demand in the residential, commercial, and power sectors.
In Saudi Arabia, a stronger demand for gas in the power sector led to a decrease of around 5 percent year-on-year in oil-based power generation during 1Q-3Q2023, creating more room for natural gas.
Oman, in turn, experienced a 5-percent year-on-year increase in gas consumption in the first seven months of 2023, primarily due to heightened usage in the industrial sector.
Meanwhile, anticipating a return to average weather conditions following a mild winter in 2023, the IEA projects global gas demand to increase by 2.5 percent, equivalent to 100 bcm, driven by growth in the industrial, residential, and commercial sectors.