Gazprom named a key factor in reducing global gas demand (November 1, 2022)

Over the ten months of this year, global demand for gas has decreased by more than 40 billion cubic meters, and the reduction in the consumption of “blue fuel” in the European Union has become a key factor in this situation, Gazprom said, summing up the results of ten months of work.

According to the company’s report, in January-October, according to preliminary data, Gazprom produced 344 billion cubic meters of gas, which is 18.6% (78.8 billion cubic meters) less than last year. Demand in the domestic market over this period decreased by 5.6% (by 11.1 billion cubic meters), exports to non-CIS countries decreased by 42.6%, to 91.2 billion cubic meters. At the same time, gas exports to China increased through the Power of Siberia gas pipeline under a bilateral long-term contract with CNPC. The company did not specify the volume of deliveries, noting only that they regularly go in excess of the daily contract quantities.

“Declining gas consumption in the European Union has become a key factor in reducing gas demand in the world. Over the ten months of this year, according to the first preliminary estimates and available operational data, global demand has decreased by more than 40 billion cubic meters. m. In this decrease, about 85% or 36 billion cubic meters. m is the share of 27 EU countries. Gas consumption also decreased in the UK: over the specified period – by about 4 billion cubic meters. m. Thus, the total share of the EU countries and the UK in the reduction of global demand is about 95%, ”says a press release from Gazprom.

Referring to data from Gas Infrastructure Europe, the company indicated that as of October 30, 68.6 billion cubic meters of gas were pumped into UGS facilities in Europe, “but even the maximum reserves in UGS facilities in large European countries do not guarantee a reliable passage of the upcoming autumn-winter period.” Gazprom also warned that the load on underground gas storage facilities in Europe will be higher than in previous years due to changed logistics and gas supply sources. Some countries, according to the Russian company, have already begun to use gas reserves from storage facilities.

“The occupancy of Ukrainian UGS facilities is also noteworthy, where as of October 30, 14.6 billion cubic meters have been accumulated. m of gas from the 19 billion cubic meters required for winter. m. In Ukraine, they recognize that there is only a theoretical possibility to fill storage facilities, but there is no practical one, ”Gazprom noted.

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