Global natural gas demand is recovering strongly and is set to reach a new record high in 2024 and 2025, driven primarily by growth in the Asia Pacific region.
Amid a normalization of natural gas prices, global gas demand is picking up this year at a stronger pace than in the past two years and is set for a record high in 2024 and 2025, the International Energy Agency IEA said in a new report on Thursday. After the supply and price shock of 2022 and 2023, which weighed on natural gas demand, consumption is picking up pace this year and is set to rise by over 2.5% in 2024, or by just over 100 billion cubic meters bcm.
Moreover, Europe’s industrial gas demand is recovering as prices normalized and is also contributing to demand growth, even though it remains well below its pre-crisis levels. Next year, we will see another all-time high in global natural gas demand as consumption is expected to rise by another 2.3% or nearly 100 bcm in 2025. Similarly to 2024, growth is largely supported by Asia, which alone is expected to account for over half of incremental gas demand.
Demand Global Asia Pacific Recovery Prices IEA Supply Geopolitical Volatility
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