BAKU, Azerbaijan, April 24. Global gas demand is projected to rise by 2.3 percent in 2024 to almost 4.2 trillion cubic meters, according to the International Energy Agency (IEA), Trend reports.
The agency suggests that limited growth in global LNG supply, expected to expand by just 3 percent (or 16 bcm), will constrain growth in import markets.
Meanwhile, about 45 percent of the increase in gas demand is expected to come from the industry sector. This growth is fueled by ongoing economic expansion in rapidly growing Asian markets and a recovery in Europe’s industrial gas demand, though still below pre-crisis levels, the IEA noted.
Following a mild Q1 in Europe and North America, natural gas demand in residential and commercial sectors is expected to climb globally by 2.3 percent in 2024, assuming average weather conditions in Q4, the agency added.
However, growth in the power sector is forecasted to be marginal, as increased gas usage in fast-growing Asian markets and gas-rich countries in Africa, the Middle East, and North America is countered by expected declines in Europe.
