EU Natural Gas Demand Hit 15-Year Lows in 2023

SEATTLE (Oil Monster): The European Union (EU) region recorded notable decline in demand for natural gas in 2023. This is the second consecutive year that the demand has recorded dip. The demand touched the lowest level in nearly fifteen years, said the latest data released by Eurostat.

The demand for natural gas totalled 12.72 million terajoules during the previous year. The demand witnessed year-on-year decline by 7.4% in 2023, after recording 13.3% decline during 2022. The demand hit the lowest level since 2008.

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The leading natural gas consumers in the region witnessed notable dip in consumption levels during the year before. The demand for natural gas in Germany recorded 3.8% drop to total 2.96 million terajoules, upon comparison with 2022. The Italian demand, at 2.35 million terajoules, was down by almost 10%. Also, France recorded 11.7% year-on-year decline in natural gas demand in 2023. The country’s demand totalled 1.36 million terajoules, Eurostat data said.

On the other hand, Finland and Sweden recorded significant increase in demand by 25.6% and 11.1% respectively. The demand witnessed an increase by 5.3% in Poland, whereas it surged higher by 4.5% and 1.1% in Malta and Denmark respectively.