In its latest report on the gas market, The International Energy Agency (IEA) warns that global natural gas demand growth will likely contract slightly in 2022 and will continue its downward trend for the next three years.
The dire prospects for gas consumption are based on the fact that the war between Russia and Ukraine has pushed up prices and fueled fears of further supply disruptions.
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gas pricesreaching record numbers, are reducing demand and causing some gas users to switch to coal and oilwhile the recent sharp cuts in Russian gas flows to Europe are raising alarm bells about supplies ahead of winter.
The turbulence is damaging the reputation of natural gas as a reliable and affordable energy sourceand question the role it was expected to play in helping developing economies meet growing energy demand and move away from more carbon-intensive fuels.
Recent events have led to a considerable downward revision of the gas growth outlook.
Global gas demand will increase by a total of 140 billion cubic meters (bcm) between 2021 and 2025, less than half of what was previously forecast and less than the 170 bcm increase that occurred in 2021 alone.
Source: Fx Street
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