"Ministers’ information" The International Energy Agency’s report monitors global demand for natural gas
The Information and Decision Support Center in the Council of Ministers confirmed that it periodically monitors and follows up on everything that concerns Egyptian affairs or falls within the scope of its interests at the international level in various developmental, economic and social fields, while preparing periodic reports, studies and analyzes necessary regarding them, in a way that maximizes benefit from them. Within the framework of its role as a think tank for the Egyptian government, the center highlighted the report issued by the International Energy Agency (IEA), entitled “Global Gas Security Review 2024,” which indicated that global demand for natural gas is expected to increase at a rate A stronger year in 2024 compared to the previous two years, which were severely affected by the turmoil of the global energy crisis.
The report explained that new gas supplies coming to the market during 2024 will remain limited, due to the relatively slow growth in production. LNG, while geopolitical tensions continue to fuel price volatility, according to the International Energy Agency’s new review of global gas markets.
The report indicated that global demand for gas is expected to rise by more than 2.5% in 2024, with similar growth expected over the course of 2025, as a result of accelerating growth in Asian economies, reflected in a large amount of Increased demand, while a recovery in gas demand from the industrial sector in Europe also contributes to this growth, although it remains well below pre-global energy crisis levels.
The report added that the expected growth in demand The global demand for gas this year and next reflects the gradual recovery from the global energy crisis that hit the markets hard. However, the balance between demand and supply trends is fragile, in addition to the presence of clear risks indicating the possibility of future fluctuations, which requires producers and consumers to work closely together during times of uncertainty, taking into account the need to enhance clean energy transitions to ensure A safe and sustainable future.
The report stressed that markets remain sensitive to unexpected developments on both the supply and demand sides. The role of liquefied natural gas in global gas trade has grown since the beginning of the global energy crisis, and it is likely to play a decisive role in maintaining The balance of supply and demand globally.
Furthermore, the report noted that existing restrictions regarding the Panama Canal and the Red Sea are likely to continue to be imposed and impact shipping, but have not led to a decline in natural gas supplies. LNG to date, however, those limitations highlight the potential vulnerabilities of LNG trade in an increasingly interconnected global gas market. The situation may change in 2025, as LNG supply growth is set to accelerate to nearly 6%, with several large LNG projects coming online, especially in the second half of the year. In this regard, North America will constitute the vast majority of the new energy, and Africa and Asia will also contribute to the new volumes.
The report indicated that the transit of Russian gas through Ukraine is one of the most important reasons for uncertainty about the natural gas market before winter. 2024-2025 in the Northern Hemisphere, as the current contracts are scheduled to expire at the end of 2024. This means the cessation of all deliveries of Russian gas to Europe that passes through pipelines in Ukrainian territory, which will make the European continent look for alternatives to importing liquefied natural gas.< /p>
The report stated in its conclusion that to address some of these challenges, the International Energy Agency recommends strengthening flexibility mechanisms along the LNG value chains by improving the liquidity of the global LNG market, and integrating the Ukrainian gas storage system into the global gas market, And consider potential frameworks for voluntary gas reserve mechanisms.
