Gas demand rebounded in 2023 (+1.3%), despite a 7% drop in Europe.

After a 2% drop linked to record-high gas prices in 2022, gas consumption recovered in 2023 (+1.3%) though at a slower rate than over the 2010-2019 period. The strong economic growth, lower Asian LNG prices, and a deficit in hydropower generation raised gas consumption in China (+7.1%) and India (+11%). Gas consumption increased again in Iran (+3.3%, spurred by the residential, commercial and power sectors) though at a slower rate than the historical trend, and slightly increased in Russia (+0.7%).

In the US – the largest gas consumer in the world (22%) - gas consumption slowed down to +0.7%, in a context of lower electricity consumption despite new gas-fired power capacities, stable industrial gas demand and milder temperatures reducing gas demand from the commercial and residential sectors. As well, milder temperatures reduced gas demand in Canada (-1.9%). In Europe, Japan and South Korea, the higher nuclear and renewable power generation helped cut gas consumption by 7.3%, 6.1% and 6.2%, respectively; in Europe, the decline in gas prices – which remained significantly higher than before the energy crisis – was not sufficient to boost industrial and residential gas consumption, contributing to the drop in gas demand, which came back to its 1997 level.
Gas consumption remained broadly stable in Latin America (+0.6%), as the 4% rise in Mexico (expansion of the gas-fired power fleet) was offset by a 6.8% fall in Argentina (milder temperatures cutting gas demand for heating) and a 0.8% drop in Brazil (rebound in hydropower generation). It increased in Africa (+3.8%, including strong growth in Algeria and South Africa) and remained stable in Saudi Arabia.