BAKU, Azerbaijan, October 16. Eurasia's gas production is expected to rebound from its 2023 lows and achieve an average annual growth rate of 2.5 percent between 2023 and 2026, Trend reports.
According to the estimations from the International Energy Agency (IEA), In Eurasia, natural gas production experienced a substantial 10-percent decline in 2022, equivalent to over 90 bcm.
This decline was primarily attributed to the sharp reduction in Russia's piped gas supplies to Europe and the ongoing decrease in gas production in Kazakhstan and Uzbekistan, the agency explains. This negative trend persisted in the first eight months of 2023, with Russia's gas output dropping by 10 percent year-on-year, nearly 45 bcm, and Uzbekistan recording a similar 10-percent decline, approximately 3 bcm, due to worsening upstream activities within the country.
At the same time, the IEA noted that the current year growth will be primarily driven by export-focused initiatives in Russia and Turkmenistan, with an emphasis on supplying China. Despite this gradual recovery in Russian production, the output is expected to remain 11 percent lower, approximately 85 bcm, compared to the record levels reached in 2021.
Meanwhile, global natural gas production is anticipated to expand by nearly 6 percent or 240 bcm by 2026, compared to 2022 levels.
