The International Energy Agency (IEA) has predicted that global gas markets will remain tight next year as Russian piped gas supplies dwindle despite gas demand falling in Europe in response to high prices and energy saving measures. According to the agency, global natural gas markets have been tightening since 2021 despite global gas consumption declining by 0.8% this year as a result of a record 10% contraction in Europe and flat demand in the Asia Pacific region. However, global gas consumption is forecast to inch up by 0.4% next year. Gas consumption has fallen the most In Europe after contracting 10% in the first eight months of the current year driven by a 15% drop in the industrial sector as businesses curtailed production due to soaring prices. Meanwhile, Russian pipeline gas supply to Europe has dwindled to just a trickle after the shutdown of the Nord Stream 1 pipeline […]