Gazprom and SOCAR discuss current global gas market trends

  07 June 2024    Read: 461
Gazprom and SOCAR discuss current global gas market trends

 Chairman of the Russian Gazprom Management Committee, Alexei Miller, and President of the State Oil Company of the Azerbaijan Republic (SOCAR), Rovshan Najaf, have held a working meeting within the St. Petersburg International Economic Forum-2024 (SPIEF), reports via Gazprom.

The sides assessed the advancements and future prospects of collaboration within the gas sector, with particular emphasis on the global energy market dynamics.

Miller highlighted Gazprom's assessments derived from official data, indicating a 15 billion cubic meter rise in global gas consumption in 2023. Furthermore, he noted an accelerated growth trend in consumption since the onset of 2024.

“The significance of natural gas within the global energy landscape is poised to escalate across all plausible energy scenarios. Its appeal persists as the most favorable energy source, given its reliability, user-friendly nature, cost efficiency, and environmental advantages,” the statement reads.

According to Gazprom's estimates, global gas consumption in the first quarter of 2024 surged by over 40 billion cubic meters, marking a 3.5 percent year-on-year increase. The Asia-Pacific region witnessed the most significant surge, with a 20 billion cubic meter rise.

Meanwhile, gas consumption in Europe continued its downward trend, experiencing a 5 billion cubic meter decline, equivalent to 3.2 percent, compared to the same period in 2023. This decline was particularly pronounced in Europe's major economies, including Germany, the United Kingdom, and Italy.

In a press release following a meeting with SOCAR management, Gazprom revealed that international gas trade in the first quarter of 2024 saw an increase of approximately 15 billion cubic meters (a 4.8 percent rise) compared to the previous year. Gazprom notably contributed around 60 percent of this global increase in gas trade and over 80 percent of the increase in pipeline gas trade.

To note, the St. Petersburg International Economic Forum (SPIEF) is scheduled to take place from June 5 to 8.

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