BAKU, Azerbaijan, April 24. The International Energy Agency (IEA) expects a significant uptick in natural gas demand across Eurasia, with a year-on-year increase of approximately 4 percent during the 2023/24 heating season, Trend reports.
This surge can be attributed to a colder winter driving up space heating requirements, coupled with decreased availability of nuclear power in Russia, leading to greater reliance on gas-fired plants.
Russia, a key player in the region, saw a notable 7-percent increase (equivalent to 20 billion cubic meters) in natural gas production from October 2023 to February 2024. This growth was fueled by heightened piped gas exports to destinations such as China, Europe, and Central Asia, alongside boosted LNG supplies and escalating domestic demand, the agency noted. Despite encountering several cold spells, Russia experienced a peak in domestic gas demand on January 12, 2024, reaching a record high of 1.78 billion cubic meters.
Meanwhile, in Central Asia, natural gas production saw a marginal increase, primarily driven by heightened output in Kazakhstan and Turkmenistan. However, Uzbekistan reported an 8-percent decrease (equivalent to 1.7 billion cubic meters) in production during the same October 2023 to February 2024 timeframe. Meanwhile, Azerbaijan witnessed a 3-percent rise in natural gas production, supported by increased gas exports and domestic consumption.
Looking ahead, the IEA projects a further growth of around 2.5 percent in Eurasian gas demand, driven by increased demand across industrial, residential, and commercial sectors. Thus, regional gas demand is expected to stand at 646 billion cubic meters.