GGR2024_02

Global gas demand grew by about 59 Bcm (1.5%) in 2023 year-on year (y-o-y), driven largely by demand growth in Asia at 32 Bcm (3.3%), the Middle East at 28 Bcm (4.7%), and North America at 14 Bcm (1.2%), outpacing drops in consumption in Europe of 31 Bcm (-6.3%) and Australia at 2 Bcm (-3.7%). In 2024F, about 87 Bcm (2.1%) of further demand growth is expected, driven by Asia at ~43 Bcm (4.3%), the Middle East at ~29 Bcm (4.7%), and North America at ~8 Bcm (0.7%). In terms of sectors, industrial, power, and transport demand for gas grew the most in 2023, at ~28 Bcm (2.6%), ~17 Bcm (1.7%), and ~7 Bcm (7.5%) respectively. This growth is expected to continue at a similar rate in 2024.