Global natural gas demand is likely to decline this year due to high prices and market disruptions caused by Russia’s invasion of Ukraine, according to the International Energy Agency (IEA). 

The IEA revised this year’s forecast for natural gas consumption growth in its latest quarterly report to slightly below zero from its previous estimate in January of 1%. The agency expects gas demand to remain flat at 4,086 billion cubic meters (Bcm), or about 144.3 Tcf in 2022.

“Almost all regions have been revised downwards, with a large share of the impact in the Asia Pacific region, on a combination of a downgraded economic outlook from high commodity prices and the risk of physical limitations on access to liquefied natural gas (LNG), especially for price sensitive buyers with a...