Global demand for gas in 2022 will grow by only 0.9%, according to a report by the International Energy Agency (IEA). This is significantly lower than in 2021, when gas consumption increased by 4.6%.
As the report notes, last year the demand for gas increased significantly, as the global economy began to recover from the pandemic and large-scale lockdowns. In addition, the increase in demand was affected by unusually cold weather in Europe and Asia. As a result, international gas trade grew by a record 9%, exceeding 85 billion cubic meters. m.
However, the report notes that a strong increase in demand has also led to higher prices for gas supplies, which reached record levels in 2021. Prices for gas supplies to Europe have tripled, which has hit consumer countries hard. As a result, some utilities have been forced to switch from gas to coal, and some industrial producers have to reduce their energy consumption.
According to the IEA forecast, in 2022 Europe will reduce gas consumption to supply its energy networks. Gas demand in the region will fall by 4.5% compared to 2021. “Gas-fired power generation is expected to decline amid a significant expansion of renewable energy sources, while high gas prices continue to put pressure on its competitiveness compared to coal generation,” the agency said in a statement.
About the IEA forecast for oil for the next two years – in the material “Kommersant” “Oil does not hold on to the balance.”