Growth in global gas demand is set to slow down significantly over the medium term (2022-2026), the International Energy Agency (IEA) said on Tuesday. The development comes after a decade of strong expansion in which gas contributed around 40 percent of the growth in primary energy supply worldwide.
"While market tensions eased in the first three quarters of 2023, gas supplies remain relatively tight and prices continue to experience strong volatility, reflecting a fragile balance in global gas markets," the IEA explained in its latest Medium-Term Gas Report 2023.
The IEA noted that overall gas consumption across the mature markets of Asia Pacific, Europe and North America is set to decline over the medium term as a result of the rapid deployment of renewables, and improved energy efficiency standards.
Fast-growing Asian markets and gas-rich countries in Africa and the Middle East will lead global gas demand growth, the agency added.
The IEA noted that for European members of the Organization for Economic Cooperation and Development (OECD), gas demand is forecast to decline by 5 percent in 2023.
"This is largely driven by lower gas burn in the power sector, down by close to 15 percent amid rapidly expanding renewables," it added.
In its report, the IEA again called on countries to reduce gas demand in a structural manner, through improved energy efficiency measures, accelerated deployment of renewables and heat pumps, as well as behavioral changes.
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