MOSCOW, December 3. /TASS/. Global gas consumption will increase by 10% by 2030, while oil consumption will add 4%, according to the forecast provided by VTB’s press service. Meanwhile consumption in China is expected to rise by one third, while in Europe it is projected to lose more than 12%.
"Asia, especially India and China, will mainly drive the demand. In Europe gas consumption will continue falling and in 2030 it will be 22% lower than in the People’s Republic of China. Oil demand in developed countries will remain stable," the forecast said.
Meanwhile, liquefied natural gas and pipelines take roughly equal shares in the volumes of cross-border trade, while LNG plays a more important role for trans-regional balancing of demand and supply, analysts believe.
Russia’s second-biggest lender expects gas consumption in China and India to grow by one third in 2030 compared with 2023 to 521 bln cubic meters and by 52% to 97 bln cubic meters, respectively. In Europe gas consumption will drop by 12.5% to 407 bln cubic meters, while the demand will go down in all segments, including industry and the energy sector.
VTB analysts project global oil consumption to edge up by 1% in 2025 to 104 mln barrels per day, while by 2030 a four percent increase in demand is expected to 108 mln barrels per day due to growth of consumption in Asia, especially in China (+6% to 17.5 mln barrels per day) and India (+24% to 6.95 mln barrels per day). Overall crude consumption in developed countries (Japan, the EU, the US) will remain stable.
The bank expects the price of Brent crude oil in the range of $70-80 per barrel in 2025-2030. The tightening of US sanctions against Iran and Venezuela may spur growth of prices, which will limit oil supply on the global market by around 1 mln barrels per day, according to the forecast.