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Global Gas Demand Growth Forecast to Falter for Years, IEA Says

  • European use set to fall about 9% this year amid Russia cuts
  • Growth risks persist given Russia’s ‘unpredictable’ behavior

Global natural gas demand will sputter for the next three years, as soaring prices and the threat of further Russian supply cuts discourage consumption.

Gas use is expected to slip 0.5% this year as reduced economic activity in Asia and a sharp drop in European gas demand overshadows more buoyant markets in North America, the International Energy Agency said in its quarterly market report. Global demand growth to 2024 is forecast to shrink 60% compared with a previous IEA forecast.