Natural gas: global consumption affected by the war in Ukraine

The IEA expects global gas demand to grow by 140 billion cubic meters (bcm) between 2021 and 2025.

Global gas consumption is expected to decline slightly in 2022 due to the war in Ukraine, which should curb demand growth for years to come. This forecast was drawn on Tuesday by the International Energy Agency (IEA), in its quarterly report. As the war in Ukraine pushes up prices and stokes fears of continued supply disruptions, global natural gas consumption is expected to “contract slightly in 2022 and grow slowly over the next three years,” the same source said.

Thus, the IEA expects a growth in global gas demand of 140 billion cubic meters (bcm) between 2021 and 2025. This would represent “less than half of the total previously forecast and less than the increase of 170 bcm recorded for the year 2021 alone”. Only a fifth of this decline in growth can be attributed to improved energy efficiency and a shift from gas to renewables, the report points out.

This finding highlights “the need to accelerate the transition to clean energy,” according to the IEA. Faced with an “inevitable price spike as countries around the world compete for shipments of liquefied natural gas”, Keisuke Sadamori, director of markets and energy security at the IEA, believes that “the most sustainable response to the current global energy crisis is to strengthen efforts and policies to use energy more efficiently and accelerate transitions to clean energies’, such as biogas, biomethane and green hydrogen.

This would help calm the surge in prices and “make it easier for emerging markets to access supplies that might help improve carbon intensity and air quality in the short term,” according to the IEA.

Sami Nemli with agencies / Les Inspirations ECO

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