Global gas demand expected to decline by 65 bn cubic metre in 2022: Gazprom

Moscow: The world’s demand for gas is expected to decrease by 65 billion cubic metre in 2022, with 55 billion cubic metre falling on the 27 European Union countries, head of Russian gas giant Gazprom Alexei Miller said.

According to preliminary estimates, the decline in global gas demand in 2022 is equal to 65 billion cubic metre, and “55 billion cubic metre from these 65 billion fall on the 27 European countries,” Gazprom said in a statement, citing Miller as speaking at a year-end meeting on Wednesday.

Miller said 2022 turned out to be very difficult, with energy markets experiencing great changes, noting that at the start of the year, such changes could be described as extreme volatility, and by the end of the year, it became clear that the markets were undergoing turbulence, Xinhua news agency reported.

According to preliminary long-term forecasts, global gas consumption would grow by 20 per cent over the next 20 years, he said, adding that in this context, Gazprom is reflecting on the future, the company’s new projects and energy security in general.