The world consumed 115 billion m3 more natural gas (of fossil origin) than in 2023, an increase of 2.8% well above the average growth rate of 2% from 2010 to 2020, a indicated the IEA.
Global natural gas consumption hit an all-time high in 2024, and the appetite for gas is expected to grow further in 2025, according to a report Tuesday from the International Energy Agency (IEA) which expects markets “tense” This year. The world consumed 115 billion m3 more natural gas (of fossil origin) than in 2023, an increase of 2.8% well above the average growth rate of 2% from 2010 to 2020, a the IEA said on the basis of preliminary data in its quarterly report on the gas market.
In October, the IEA estimated global gas consumption at 4,200 billion m3 for 2024. According to initial estimates, gas covered “around 40% of the increase in global energy demand”a share higher than any other fuel, indicates the IEA, the OECD energy agency based in Paris. The gas “continues to replace oil and petroleum products in various sectors”such as long-distance road transport and the power generation sector. Gas combustion results in fewer CO2 emissions than coal and oil.
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“The rapid growth of Asian markets”
Gas demand is still expected “increase in 2025, mainly due to rapid growth in Asian markets”explains the IEA which emphasizes that “at the same time, the global gas balance remains fragile, with supply remaining tight and geopolitical tensions continuing to fuel price volatility”. The IEA also notes that if the transit of Russian gas through Ukraine is stopped on January 1, 2025 ‘should not constitute an imminent risk for the security of supply of the European Union, it could increase the import needs of liquefied natural gas (EU LNG) and tighten market fundamentals this year”.
This gas in liquid form transported via LNG ships is highly coveted in Asia as well as in Europe, which has had to compensate since the start of the war in Ukraine in 2022 for the lack of Russian gas, historically transported to the West in onshore gas pipelines. However, European imports of LNG fell by 18% in 2024. The United States retains its place as the leading supplier for Europe, despite an 18% drop in demand, followed by Russia whose supplies of this liquid gas to Europe, mainly transported from the Siberian mega-field of Yamal LNG, on the contrary increased by 17%. Belgium, France and Spain accounted for 85% of Europe’s total LNG imports from Russia in 2024.
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