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Global gas demand rises by 3.5% in Q1, falls in Europe — Gazprom

At the same time, gas consumption in Europe continued to fall - in the Q1 it decreased by 5 bcm or by 3.2% year-on-year

ST. PETERSBURG, June 7. /TASS/. Global gas consumption in the Q1 of 2024 increased by more than 40 bcm, mainly due to the Asia-Pacific countries, and in Europe the figure fell by another 3.2%, Gazprom said in a statement following a meeting between the company’s CEO Alexey Miller and President of SOCAR Rovshan Najaf within the framework of the St. Petersburg International Economic Forum (SPIEF).

"Alexey Miller noted that, according to Gazprom estimates based on official statistics, global gas consumption in 2023increased by 15 bln cubic meters, and since the beginning of 2024, consumption growth has accelerated. Based on the results of the Q1 of 2024, global gas consumption increased by more than 40 bln cubic meters or 3.5% compared to the same period last year," the statement said.

The largest increase, 20 bcm, was noted in the Asia-Pacific region. China led the region in natural gas consumption, accounting for two-thirds of the increase in the Q1. "The volume of the Chinese natural gas market already exceeds the total consumption of all the countries of the European Union," Gazprom noted.

At the same time, gas consumption in Europe continued to fall - in the Q1 it decreased by 5 bcm or by 3.2% year-on-year. The largest declines were seen in the largest European economies - Germany, the UK, and Italy, the company said.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.

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