High prices squeeze gas demand by 6% in 2022: IEA

• Posted in OilGas
• on March 2, 2023
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India’s gas consumption is estimated to have declined 6% in 2022 as record prices in the aftermath of the Russia-Ukraine conflict squeezed demand, the
International Energy Agency said

Lower gas demand combined with a 3% rise in domestic gas production saw LNG (liquefied natural gas) imports drop 17%, marking the steepest fall on record and the first decline covering two consecutive years in India’s two-decade history as an LNG importer, IEA said in its latest gas market report
Consumption in the petrochemicals sector saw the sharpest year-on-year fall at 32%, followed by the refining sector that saw a drop of 30% and power generation 24%.

The report said city gas (CNG and PNG) demand was broadly flat. Consumption in the fertiliser segment and other end-uses, including agriculture, upstream operations and other industries, saw modest expansion.

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