(Montel) The International Energy Agency (IEA) anticipates a 2.6% increase in global gas demand this year, reaching a record level of 4,200 billion cubic meters (Gm3), driven by growth in Asian consumption.
“The Asia-Pacific region is expected to account for nearly 45% of the increase in global gas demand,” according to the “Global Gas Security Review” report, published Thursday.
“This is partly explained by continued economic expansion in fast-growing Asian markets,” it says.
Weaker European demand?
In Europe, demand is expected to be limited to 488 Gm3 this year, down slightly from 489 Gm3 in 2023.
“Gas consumption for electricity production is expected to fall by more than 10% due to the rapid development of renewable energies and the increase in nuclear generation,” the report highlights.
However, European consumption is expected to rise to 493 bcm in 2025, which could help push global demand to a new high of 4,293 bcm.
“As in 2024, this growth is expected to be largely supported by Asia, which alone is expected to account for more than half of additional gas demand,” the IEA said.
“The recovery in industrial gas consumption in Europe also contributes, even if it remains well below its pre-crisis levels,” adds the agency, referring to consumption of more than 600 Gm3 in 2021.
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