BAKU, Azerbaijan, Feb.16. The Gas Exporting Countries Forum has revised down the global natural gas production forecast by 0.1 percent for 2023, Trend reports via the GECF.
The Monthly Gas Market Report released by GECF reveals that the global gas output will stand at 4.1 trillion cubic meters in 2023, as compared to 4.03 trillion cubic meters in 2022.
The table below shows the forecasts for 2023 gas production and 2022 estimations (bcm):
|
Region |
2022 |
2023 |
Revision for 2023 compared to the previous estimation |
|
Africa |
260 |
266 |
-1.9% |
|
Asia Pacific |
669 |
670 |
-1.0% |
|
CIS |
797 |
783 |
0.4% |
|
Latin America |
154 |
155 |
-4.1% |
|
Europe |
231 |
223 |
0.2% |
|
Middle East |
690 |
714 |
-0.1% |
|
North America |
1230 |
1299 |
0.8% |
|
World |
4032 |
4111 |
-0.1% |
|
GECF |
1643 |
1642 |
-0.5% |
|
non-GECF |
2388 |
2469 |
0.1% |
Rystad Energy, a Norway-based independent consulting company, which GECF refers to, estimates that the world gas output has dropped by 0.4 percent standing at 4032 bcm in 2022, as CIS and Africa saw a decline in production last year. Lower demand stemming from high prices, as well as the overall geopolitical tensions led to a decrease in gas production. Global gas production in 2023 is set to grow as compared to 2022 as a result of the higher output in North America, the Middle East, Africa, Latin America, and Asia Pacific.