The IEA predicted a decrease in gas consumption in the world in 2022

MOSCOW, 3 Oct — PRIME. Gas consumption in the world in 2022 will decrease by 0.8%, and in 2023 it will grow by only 0.4%, according to the quarterly report of the International Energy Agency (IEA) on the gas market.

“Global gas demand will decline by 0.8% this year, followed by a slight increase of 0.4% in 2023,” the agency said in a statement.

It is noted that high natural gas prices and supply shortages in most regions led to a decrease in consumption. Thus, in the OECD countries in Europe, the demand for gas decreased in January-August by almost 10% year-on-year, while in industry the decline was about 15% due to a reduction in production.

Asian markets also saw a slight decrease in demand, especially in India and Korea. In China and Japan, it has not changed much. China’s gas demand is projected to grow this year, but by less than 2%, the slowest annual growth rate since the early 1990s. South and Central America also recorded a drop in gas demand in the first half of the year.

At the same time, North America has become one of the few regions where demand has increased due to increased gas consumption from electricity generation and relatively lower prices, which at the same time are at a ten-year high.

The IEA attributed tensions in gas markets primarily to the cessation of Russian gas exports to Europe via several pipelines, which led to a reduction in Russian supplies to the region by almost 50% year-to-date compared to the same period in 2021.