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Europe’s Record-Low Gas Use to Continue Slide In 2023, IEA Says

  • OECD Europe gas demand to fall 4% in 2023 after 10% drop
  • Supply restraints will keep markets tight even as demand slows

European natural gas demand will slump next year as high prices drive nations to enact energy-saving measures amid Russian supply curtailments, according to the International Energy Agency. 

High gas prices will result in European consumption falling by 4% in 2023 after slumping by a record 10% this year, the IEA said in a quarterly gas report. Declines are most pronounced in the industrial sector, but are also evident in power generation, pushing global gas demand down by 0.8% this year.