A combination of soaring natural gas prices, an industrial slowdown, and energy-saving measures has sent European gas consumption falling. The International Energy Agency has forecast a 10% drop in annual gas demand in Europe, the largest drop on record. The pain is far from over for Europe, with Europe facing another year of gas consumption contraction in 2023 as markets remain tight. Soaring natural gas prices, demand destruction in the industrial sector, and energy-saving measures are set to reduce gas consumption in Europe’s developed economies by 10% this year, the biggest drop in European demand in history, the International Energy Agency (IEA) said in its quarterly Gas Market Report on Monday. The forecast of a 10% decline in natural gas demand in OECD Europe reflects the expectation of higher gas prices and the EU’s ambition to reduce gas consumption by 15% between August 2022 and March 2023 compared to […]

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