A reduction in Russian pipeline gas flows to Europe beginning in late 2021 disrupted the trajectory of gas demand, resulting in unprecedented uncertainty and price volatility, culminating in natural gas demand falling by 55 billion cubic metres (bcm) or 13% in 2022, its steepest drop in history.
But what drove this decline and how can industry take advantage of new opportunities that have presented themselves during the crisis?
A multitude of factors come into play when considering this decline. A study conducted by the International Energy Agency (IEA) revealed that changes in the energy mix, economic activity, weather, behavioural changes and other factors all played a part in this dramatic shift in natural gas consumption.
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