Europe has managed to reduce natural gas consumption by more than the targets set last summer, but it may have to cut more demand this year and in the coming years to offset the lack of Russian pipeline gas supply, avoid shortages, & balance the market
consumption by more than the targets set last summer, but it may have to cut a lot more demand this year and in the coming years to offset the lack of Russian pipeline gas supply, avoid shortages, and balance the gas market.
The drivers that could lead to lower supply to Europe include a spike in Asian LNG demand after a lackluster 2022, a complete halt of the little Russian pipeline gas still flowing to Europe, and a normal winter compared to the milder-than-usual winter of 2022/2023. Between August 2022 and March 2023, the EU overachieved its gas consumption reduction target, Eurostat data The EU’s consumption of natural gas dropped by 17.7% in the period from August 2022 to March 2023, compared with the average gas consumption for the same months between 2017 and 2022. The savings were higher than the 15% target set last summer.
Going forward, Europe needs to continue with gas-saving measures because demand in Asia could rise, and the 2023/2024 winter may not be as mild as the one that just ended. from Gas Infrastructure Europe.
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