Global natural gas consumption reached a historic level in 2024, the International Energy Agency (IEA) reported on Tuesday, expecting “tight” markets in 2025.
The world consumed 115 billion cubic meters of natural gas (from fossil sources) more than in 2023, an increase of 2.8%, well above the average growth rate of 2% from 2010 to 2020, the IEA noted based on preliminary data in its quarterly gas market report.
In October, the IEA had estimated global gas consumption at 4,200 billion cubic meters for 2024. According to initial estimates, gas accounted for “about 40% of the increase in global energy demand,” a share higher than any other fuel, the Paris-based Agency emphasized.
Gas “continues to replace oil and petroleum products in various sectors,” such as long-distance road transport and the electricity generation sector. The combustion of gas results in lower CO2 emissions than that of coal and oil.
Gas demand is expected to rise further in 2025, primarily due to the rapid growth of Asian markets, the IEA indicated, stressing that “at the same time, the global gas balance remains fragile, with supply remaining tight and geopolitical tensions continuing to fuel price volatility.”
The report also notes that Africa and Asia are expected to contribute to the growth of liquefied natural gas (LNG) supply in 2025.
Moreover, the United States retains its position as the top supplier to Europe, despite an 18% drop in demand in 2024, followed by Russia, according to the same source.