China Gas Demand to Surge in 2023 as Europe Slumps, IEA Says
- Nation’s consumption is set to rebound by more than 6%
- European demand to drop as renewables play larger role
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Rising demand for natural gas in Asia and the Middle East is set to offset a decline in other regions this year, helping to keep the global market tight, according to the International Energy Agency.
China’s consumption is forecast to jump by more than 6%, underpinning an increase of almost 3% in Asia on the whole, the agency said in its quarterly Gas Market Report. Demand in Europe’s advanced economies is poised to drop 5% as renewable energy takes up a larger share of power generation.