Producers’ Association: Global Gas Consumption Recovered

Global gas consumption recovered in 2024, reaching its highest level since the Gas Exporting Countries Forum (GECF) began tracking data, thanks to lower prices and increased demand for heating and cooling, according to the annual report. Gas consumption rose by 2.5 percent last year, after a two-year period of stagnation, reaching 4.2 trillion cubic meters, the highest level since GECF started publishing data, the report states.

The growth was somewhat stronger than the association had forecast at the beginning of last year, estimating an increase of 1.5 percent. The boost to consumption was attributed to stable economic growth, they noted, highlighting increased demand for heating and cooling and lower gas prices.

GECF brings together a group of gas exporters that account for more than two-thirds of global production, as stated on the official website. Member countries include Qatar, Russia, Algeria, and the United Arab Emirates, among others. As of April, GECF has 12 full members, and eight countries hold observer status, including Azerbaijan, Mozambique, Angola, and Iraq.

Stabilization in Europe

The largest consumer last year was the North American region, with 1.16 trillion cubic feet of gas consumed, an increase of 1.7 percent compared to 2023. However, the highest increase in consumption was recorded in the Asia-Pacific region, rising by seven percent to just under one billion cubic meters of gas, according to GECF calculations.

Gas consumption in Europe stabilized after a two-year decline, supported by a recovery in industrial demand. The old continent consumed 451 billion cubic meters of gas last year, while the growth of renewable energy sources and the principle of efficiency acted as a brake on consumption, they note.

Recovery of Trade

Gas production kept pace with consumption last year, reaching 4.18 trillion cubic meters, the report shows. In 2023, it had increased by 0.7 percent, the association calculated. Global gas trade also recovered in 2024, supported by increased pipeline and ship deliveries. Pipelines delivered 606 billion cubic meters of gas last year, six percent more than in 2023, marking the end of a two-year decline in deliveries.

Trade in liquefied gas increased by only one percent, with 412 million tons of LNG delivered, according to the association’s estimates, concluding that supply remains ‘relatively tight.’ By 2028, global liquefaction capacities are expected to increase by a ‘significant’ 206 million tons, they estimate.

Risk of Tariffs

In 2025 and 2026, the pace of global consumption is expected to stabilize at around two percent, the association forecasts, while warning of the risk of new U.S. tariffs and responses from American trading partners.

The wave of tariffs has created ‘significant risks of negative trends in global economic growth,’ GECF explains, resulting in a ‘significant’ degree of uncertainty in energy demand estimates overall. It is still too early to assess the impact of the trade war on gas markets, they noted.