Global gas demand declined by 65 billion cubic meters in 2022

Recently, PJSC Gazprom held a pre-New Year's conference call on the company's preliminary results for the current year. Chairman of Gazprom's Management Committee Alexey Miller stated that global gas demand has declined by 65 billion cubic meters in 2022. The most significant fall in demand was in Europe. 55 out of 65 billion cubic meters were previously consumed by 27 European countries.

However, the Russian gas company’s Chairman emphasizes that natural gas consumption will rise in the long term. The global gas market promises to develop rapidly, thereby increasing demand by 20% over the next twenty years.

Within the conference call it was also noted that China will be the basis of global gas demand growth, it will take about 40%. This figure might be achieved during the following twenty years. 

Besides, Miller announced Russia’s partnership with Turkey for developing a gas hub. The two countries have already started to work on this project. It is expected to provide transparent and fair pricing in the natural gas market.