IEA expects global natural gas demand to slow in coming years

The International Energy Agency (IEA) expects global natural gas demand growth to slow in the coming years as consumption declines in mature markets, a group of countries that account for nearly half of global gas consumption.  

In a report released today, Oct. 10, the agency said global gas demand is on track to grow at an average rate of 1.6% per year between 2022 and 2026, more slowly than the average of 2.5% between 2017 and 2021.  

China alone is forecast to account for nearly half of the total growth in global gas demand between 2022 and 2026.  

Aggregate gas demand from mature markets in Asia Pacific, Europe and North America peaked in 2021 and is expected to decline by 1% annually until 2026.  

The emergence of the global energy crisis in 2022, triggered by the Russian invasion of Ukraine, led to a different era for global gas markets after a decade of strong growth between 2011 and 2021.