Global natural gas consumption hits record in 2024
Global natural gas consumption reached a historic high in 2024, according to the International Energy Agency (IEA), which anticipates a "tight" market in 2025. The world consumed 115 billion cubic meters more natural gas than in 2023, a 2.8% increase, well above the average growth rate of 2% seen between 2010 and 2020, as reported by the IEA based on preliminary data in its quarterly gas market report.
In October, the IEA had projected global gas consumption to reach 4,200 billion cubic meters in 2024. According to initial estimates, natural gas accounted for about 40% of the global increase in energy demand, more than any other fuel, the Paris-based agency highlighted.
The report also noted that natural gas "continues to replace oil and petroleum products in various sectors," including long-distance road transport and electricity production. Gas combustion produces fewer CO2 emissions compared to coal and oil.
Gas demand is expected to rise further in 2025, driven primarily by rapid growth in Asian markets. However, the IEA emphasized that "the global gas balance remains fragile, with tight supply and geopolitical tensions continuing to fuel price volatility."
Additionally, the report indicated that Africa and Asia are expected to contribute to the growth of liquefied natural gas (LNG) supply in 2025.
Meanwhile, the United States remains the leading supplier to Europe, despite an 18% decline in demand in 2024, followed by Russia.
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