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IEA Sees Stronger Global Demand Growth in 2024

NATURAL GAS

Global gas demand is set for stronger growth in 2024 despite geopolitical uncertainty according to the IEA Quarterly Gas Market Report.

  • Global demand is forecast to grow by 2.5% (100bcm) in 2024, with almost half driven by cooler weather and recovery from the 2022 gas supply shock. Emerging economies are leading the increase in consumption.
  • Europe's gas demand is expected to grow only by 3% in 2024 and stay about 17% below its 2021 levels after dropping by 20% in just two years.
  • Global LNG supply is expected to expand by 3.5% (18bcm) and well-below the 8% growth rate seen during 2016-20. Delays in new liquefaction plants and feedgas availability issues at existing projects could delay supply growth to 2025.
  • Heightened geopolitics are the most important risks to the outlook and could easily fuel price volatility and distort the current balance.
  • Low-emissions gases benefit from policy momentum, but more efforts are needed for their large-scale deployment.
Energy BulletsCommodities
Energy BulletsCommodities

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