The role of natural gas in the global energy balance will continue to grow – Gazprom
"Despite the existing uncertainty of long-term forecasts for the development of the energy market, the role of natural gas in the global energy balance will continue to grow. It is expected that by 2040 its consumption may exceed the level of 2021 by about 20%," Gazprom said in a press release published on Tuesday.
China will play a key role in increasing energy consumption, including gas. The volume of China's gas market — the most dynamically developing in the world — will exceed the aggregate consumption level of all countries in the European region in the medium term, the report says.
On December 20, Gazprom's Board of Directors considered the impact of the events of 2022 on the long-term forecast of the development of the global energy market.
The main result of the year was structural changes in the commodity markets. The transformation of the global energy system is accompanied by crisis phenomena. Their most important manifestations are unprecedented price increases, redirection of gas supplies and reduction of its consumption.
"Against the background of rising gas prices in Europe, there has been a redistribution of liquefied natural gas flows and their reorientation from other regions to the European market. At the same time, a significant part of the increase in LNG supplies to Europe was provided by redirecting LNG shipments, rather than increasing its production. In fact, this has led to a shortage of energy resources in other countries," the press release notes.
In general, the events of 2022 have confirmed the high importance of fossil fuels for the global economy. In particular, there is an increase in demand for coal and petroleum products. In most countries, the focus on decarbonization has receded into the background. Energy security and the availability of energy resources have become a priority again, Russian analysts sum up.
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Photo: gazprom.ru
