Demand for Russian fuel supplies is falling, while gas in Europe is falling. Overall, world gas consumption will increase by only 0.4%.
Tensions in gas markets will remain in 2023, the International Energy Agency said in a statement, Reuters wrote on Monday, October 3.
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“Global natural gas markets are on the rise from 2021, and global gas consumption is expected to fall 0.8% this year, driven by a record 10% decline in Europe and flat demand in Asia-Pacific region,” it said. IEA report
Global gas consumption is expected to increase by 0.4% next year.
In Europe, gas consumption fell 10% in the first eight months of this year compared to the same period in 2021, driven by a 15% decline in the industrial sector as businesses cut production due to a sharp increase in prices.
“If the Kremlin follows through on its threat to impose sanctions on Ukrainian energy company Naftogaz, one of the last active routes for Russian gas supplies to Europe could be closed, exacerbating the energy crisis at the beginning of winter warming season. This year, Europe has tried to fill Russia’s pipeline gas shortfall in part by increasing imports of liquefied natural gas (LNG),” Reuters wrote.
The IEA predicts that Europe’s LNG imports will grow by more than 60 billion cubic meters this year – more than double the volume of global LNG exports.
As you know, after the accident with the Nord Stream gas pipelines, the Ukrainian GTS remained the main route for Russian gas supplies to Europe.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.