IEA: High prices, uncertainty will slow growth in gas demand

BERLIN (AP) — The International Energy Agency says high prices for natural gas and supply fears due to the war in Ukraine will slow the growth in demand for the fossil fuel in the coming years. In a report published Tuesday, the Paris-based agency forecast global demand for natural gas will rise by 140 billion cubic meters between 2021 and 2025. That’s less than half the increase of 370 bcm seen in the previous five-year period, which included the pandemic downturn. The revised forecast is mostly due to expectations of slower economic growth rather than buyers switching from gas to other fossil fuels, such as coal or oil. The IEA said gas-saving measures and the switch to renewable energy sources also had a lesser impact.