Global gas consumption is expected to go down slightly, which is largely due to the high prices and the drop in supplies of Russian gas to Europe, as reported by International Energy Agency (IEA) on Tuesday, 5 July.
At the same time, IEA has slashed the global gas demand outlook by more than half. IEA estimates that global gas demand will have increased by a mere 3.4% or 140 billion m3 by the year 2025 when compared to 2021.
Russia has reduced supplies of has to Europe, whereas European member states have promised to reduce their dependence on Russian gas. This will have an effect on the whole world, the agency explains.
European countries are trying to compensate the loss of Russian gas by importing liquefied natural gas. This creates supply and demand problems on other markets.
IEA warns that efforts to secure liquefied gas create the risks of causing not only economic damages for other importers but also the risk of increasing prices and inadvertently securing higher income for Russia.
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IEA expects a slight drop in global gas consumption this year
