Natural gas demand set for contraction this year, as tighter supply impacts prices – IEA
The world’s gas consumption is forecast to drop for the third time in seven years, even as liquefied natural gas (LNG) supply from producers in other regions helps offset losses in the Middle East, the International Energy Agency’s (IEA’s) gas market report for the third quarter indicates.
The impacts of the war in the Middle East continue to reshape the global natural gas market, with tighter supply and elevated prices weighing on demand in key markets.
The report forecasts global gas demand to decline by 0.5% this year, primarily owing to lower gas use in the power and industrial sectors.
This would mark the third time demand has contracted on a yearly basis in seven years.
