According to the IEA's Global Gas Markets Quarterly Report, the war will cause supply shrinkage and sustained high prices in international natural gas markets.
Expecting a decline in global natural gas demand due to the war, the IEA revised its forecast for this year's gas demand downwards by 50 billion cubic meters. The IEA expects natural gas demand to be 4 trillion 86 billion cubic meters this year, decreasing by 0.2 percent compared to 2021. Global natural gas demand increased by 4.5 percent in 2021 compared to the previous year.
The 50 billion cubic meters in question corresponds to about half of the amount of liquefied natural gas (LNG) exported by the USA last year.
This year, natural gas demand in Europe is expected to decline by 6 percent, while demand in Asia is expected to grow by 3 percent. Projected growth in Asia falls short of last year's 7 percent increase.
Keisuke Sadamori, Director of Energy Markets and Security of the IEA, said in his assessment of the report that the war caused a major energy supply and security crisis. The permanent solution will be to accelerate energy efficiency solutions and the transition to low-carbon sources.” used the phrases.
Russia was the largest supplier of natural gas to the EU with 33 percent last year. This rate was 25 percent in 2009.
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