LONDON—Global gas markets are expected to remain tight next year as Russian pipeline gas supplies dwindle and gas demand falls in Europe in response to energy saving measures and high prices, the International Energy Agency (IEA) said on Monday.
Natural gas markets worldwide have been tightening since 2021 and global gas consumption is expected to decline by 0.8 percent this year as result of a record 10 percent contraction in Europe and flat demand in the Asia Pacific region, the IEA said in its quarterly gas market report.
Meanwhile, global gas consumption is forecast to inch up by just 0.4 percent next year.
In Europe, gas consumption has fallen by 10 percent in the first eight months of this year compared with the same period in 2021, driven by a 15 percent drop in the industrial sector as businesses curtailed production due to soaring prices….