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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Expectations of an increase in gas consumption in 2023

    Rocky
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    • Post n°1

    Expectations of an increase in gas consumption in 2023 Empty Expectations of an increase in gas consumption in 2023

    Post by Rocky Thu 06 Apr 2023, 4:54 am

    Expectations of an increase in gas consumption in 2023

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    Economy News _ Baghdad
    Global gas consumption in 2023 is expected to increase by about 1% year-on-year, driven by growth from the United States, China and some emerging markets in Asia and the Pacific.
    The Gas Exporting Countries Forum, whose heavy gas members include Russia, Qatar and Iran, said in a report seen by Al-Eqtisad News that this year will return to demand growth after consumption declined in 2022 by 0.4% year-on-year to 4.03 trillion cubic meters.
    The mild winter weather in the first and fourth quarters of 2022 in the northern hemisphere led to lower gas consumption in the residential sector, while higher gas prices affected gas consumption in the industrial sector, which led to lower demand in various countries of Asia and the Pacific and Europe. .
    The forum said that global gas consumption in the industrial sector in 2022 fell by 4% year-on-year to 740 billion cubic meters due to high gas prices, which caused production declines or partial closures of some heavy industries such as cement, fertilizer and steel sectors.
    However, the Gas Exporting Countries Forum said that with lower gas prices expected, gas consumption in the industrial sector is likely to rise in 2023.
    The Secretary-General of the Forum, Mohammed Hamel, said in the report that gas markets are witnessing "fundamental shifts" in terms of physical flows, investment, trade and market functioning.
    Hamel added that long-term gas contracts have regained the lead due to the security of supply advantages they provide.
    He stressed that LNG trade continues to expand, rising by 6% in 2022 and making gas markets "more global and interconnected".
    The Natural Gas Exporting Countries Forum said Europe replaced the Asia-Pacific region as the premium market for LNG last year.
    In 2023, global LNG imports are expected to increase by 4%-4.5% (16 million-18 million metric tons) year-on-year to 416 million metric tons.
    The World Economic Forum said that "China, the Indian subcontinent and Southeast Asia are expected to account for the bulk of the exponential increase in LNG imports, with 13-15 million tons of LNG imports."
    Although investment in oil and gas increased last year by 7% year-on-year to $718 billion and is expected to rise further in 2023.
    The GECF Forum consists of 12 members and seven observer members.
    The member states are Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, the United Arab Emirates and Venezuela.
    Angola, Azerbaijan, Iraq, Malaysia, Mozambique, Norway and Peru are observer members.

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