Natural gas consumption in Europe has fallen to its lowest level in 3 decades, according to a senior executive at the Russian energy company Gazprom.
Speaking at the panel titled "Natural Gas Industry: Pivot to the East" held as part of the St. Petersburg International Economic Forum (SPIEF), Gazprom Vice President Oleg Aksyutin said the UK and EU had cut their gas use by 100 billion cubic meters (bcm) over the past three years.
He pointed to strong growth in Asian demand, predicting it could rise by 100 billion cubic metres per year within the next 5 years. Aksyutin also forecast that natural gas would account for 26% of global energy consumption by 2050.
Aksyutin noted that natural gas demand continues to grow in developing regions around the world, including the Asia-Pacific.
"The UK and the EU have reduced their natural gas consumption by 100 bcm over the past 3 years. This indicates that the region's gas use has fallen to its lowest level in the past 30 years," he said.
Before the Russia-Ukraine war, Gazprom was Europe's largest natural gas supplier, reaching a market share of up to 40% by 2022 through nearly 50 years of pipeline investments.
However, due to sanctions, the company lost its customers to liquefied natural gas (LNG) suppliers such as the US, Qatar, and Norway.
Last year, Gazprom exported around 15 bcm of gas to Europe鈥攁 sharp decline from 201.7 bcm in 2021.
Reporting by Emre Gurkan Abay in St. Petersburg
Writing by Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr