An oil facility on the Yamal peninsula in Russia’s northwestern Siberia. (Photo: AFP/VNA)
According to King Al-Thani, the forum is trying to maintain stability in world markets, which are reeling from growing concerns about the possibility of a conflict.
However, the group of 11 key gas exporters, including Russia, has not made any commitments to replenish supplies for Western Europe, which is looking for alternatives to gas production. Russia’s gas resources amid the Ukraine crisis (Ukraine) increased gas prices and threatened supplies.
Russian Energy Minister Nikolay Shulginov did not mention the above tension, but he stressed at the forum that “Russian companies are fully committed to the performance of existing contracts” on gas supplies.
The International Energy Agency (IEA) recently forecast that natural gas demand will fall sharply in Europe and slow down in Asia this year as gas prices have risen to record highs. In addition, tensions between Russia and the West could continue to push up energy prices in Europe.
The IEA report said that supply has not kept pace with demand, plus unexpected shortages have made gas on the market scarce and prices increased sharply. Rising prices put a lid on gas demand in the second half of 2021.
IEA figures show that gas consumption has increased by 4.6% in 2021, more than double the decline due to the COVID-19 epidemic in 2020. According to the report, the increase in gas demand in the short term will depend on time. summer weather in the Northern Hemisphere. The IEA believes that assuming normal temperatures, growth in the natural gas market will slow due to high gas prices. As a result, the economy will also open up moderately. Meanwhile, supply strains are likely to ease.
Global demand for gas is expected to grow at a modest 0.9 percent in 2022, reaching 4.1 trillion cubic meters of gas after a 4.6 percent increase in 2021. is expected to grow 1.6% to 4.2 trillion m3. Demand is expected to fall by more than 4% in Europe and slow in Asia, from 7% in 2021 to 5% in 2022.
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