Global natural gas demand is set to rise by 2.5% or 100 billion cubic meters (Bcm) in 2024 versus 2023, likely accompanied by increased price volatility, according to the International Energy Agency (IEA).

This compares to a demand increase of 0.5% recorded in 2023, the global energy watchdog said in its latest quarterly Gas Market Report. 

Demand growth this year “is expected to be concentrated in fast-growing markets in Asia Pacific and gas-rich countries in Africa and the Middle East,” researchers said. “The increase in gas demand will be supported by industry, as well as the residential and commercial sectors – assuming a return to average winter weather conditions following mild seasonal weather in 2023.” 

The global LNG trade, meanwhile, is forecast to grow by...