Global natural gas demand is expected to remain flat in 2023 with modest growth in the Asia-Pacific region offset by projected declines in Europe and North America, according to the International Energy Agency (IEA).

The world’s natural gas consumption declined 1.5% year/year in 2022, driven largely by a sharp increase in prices after Russia invaded Ukraine and upended trade flows. The decline in demand, IEA said in its latest quarterly gas report, continued into the early months of this year due to favorable weather and “timely policy actions” in response to the energy crisis. 

“The improved outlook for gas markets in 2023 is no guarantee against future volatility and should not be a distraction from measures to mitigate potential risks,” IEA said. “Global gas...