Alexey Miller and President of SOCAR Discuss Situation in Global Energy Market

Source: www.gulfoilandgas.com 6/7/2024, Location: Asia

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rovshan Najaf, President of the State Oil Company of the Azerbaijan Republic (SOCAR), took place at the St. Petersburg International Economic Forum 2024.

The parties reviewed the state and prospects of their cooperation in the gas sector. Particular attention at the meeting was paid to the situation in the global energy market.

Alexey Miller pointed out that, according to Gazprom's estimates based on official statistics, global gas consumption grew by 15 billion cubic meters in 2023, and its growth has accelerated starting from early 2024.

According to the results of Q1 2024, worldwide gas consumption increased by more than 40 billion cubic meters, or 3.5 per cent, as compared to the same period of last year. The biggest growth, namely 20 billion cubic meters, was generated by the countries of the Asia-Pacific region.

China is the leader in terms of gas consumption in the Asia-Pacific region, and generated two-thirds of the region's growth in gas demand in Q1 2024. As of today, the Chinese natural gas market has already grown to a level above the cumulative natural gas consumption of all countries of the European Union.

At the same time, gas consumption in European countries continues to drop. In Q1 2024, it reduced by 5 billion cubic meters, or 3.2 per cent, against the same period of 2023. The steepest decline is observed in the largest European economies, i.e. Germany, the United Kingdom and Italy.

According to the results of Q1 2024, the growth in global gas trade amounted to about 15 billion cubic meters (+4.8 per cent) versus the same period of last year. Some 60 per cent of the total growth in global gas trade and over 80 per cent of the growth in pipeline gas sales were covered by Gazprom.

Under any realistic energy sector development scenario, natural gas will continue gaining increased importance in the global energy mix, remaining the most attractive source of energy due to the combination of its reliability, convenience of use, cost-effectiveness, and environmental benefits.


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