BAKU, Azerbaijan, January 29. North America's gas demand is anticipated to grow slightly over 1 percent in 2024, Trend reports.
According to the forecast from the International Energy Agency (IEA), an anticipated return to average weather conditions may boost gas consumption in residential and commercial sectors.
Conversely, the growth in gas-to-power demand is expected to slow down compared to the robust gains observed in 2022-2023, the agency noted.
Meanwhile, natural gas consumption in the US witnessed an approximate 0.8-percent increase, equivalent to around 7 bcm, in 2023.
In Canada, there was an estimated 1-percent increase in natural gas demand, equivalent to 1 bcm, largely driven by heightened gas consumption in the power sector.
In 2023, in Mexico, the natural gas consumption shot up by around 5 percent, roughly 4 bcm, thanks to the ongoing boom in gas-fired power generation.
The ongoing expansion of renewables is likely to exert pressure on gas-fired generation. Additionally, in a subdued macro-economic environment, the IEA foresees a marginal decline in gas demand in the industrial sector.