Global gas demand to hit all-time high in 2024, report finds

By Mike Soraghan | 10/04/2024 06:28 AM EDT

Supplies of the fuel are not meeting demand because of low LNG production and geopolitical turmoil.

A liquefied natural gas tanker.

A liquefied natural gas tanker. Steve Campbell/Houston Chronicle/AP

Global natural gas demand is expected to reach an all-time high this year, fueled by Asian and European markets, according to a new report from the International Energy Agency.

The demand is expected to rise even higher next year, but gas supplies are not increasing at the same pace. That’s partly because of lagging liquefied natural gas production for export, which could fuel volatility, IEA said in its Global Gas Security Review released Thursday.

“The balance between demand and supply trends is fragile, with clear risks of future volatility. Producers and consumers must work together closely to navigate these uncertain times while taking into account the need to advance clean energy transitions to ensure a secure and sustainable future,” said IEA Director of Energy Markets and Security Keisuke Sadamori.

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The report forecast a rise in demand of more than 2.5 percent this year with similar growth next year. The rate of increase is stronger this year than in the previous two years.

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