Gazprom, CEO Miller: “2022 is a very difficult year”

Global demand is down by 65 billion cubic meters of gas, 55 of which in the EU share. Now the giant is looking to China

The drop in global gas demand in 2022 could amount to 65 billion cubic meters and most of this decline concerns EU countries. This was stated, according to what the Russian news agency ‘Tass’ reports Gazprom CEO Alexey Miller during the press conference at the end of the year.”According to preliminary estimates, the drop in global demand in 2022 is 65 billion cubic meters of gas. And it should be noted that 55 billion cubic meters of these 65 billion fall in the share of 27 countries Europeans. That says a lot,” he said. “I would like to point out right away that 2022 obviously turned out to be a very difficult year. There have been important changes in the energy markets. And if we used to call these changes ‘super volatility’, at the end of the year we started saying that this is simply ‘turbulence'”, the Gazprom CEO said again.

Miller then noted that the global gas market will develop at a rapid pace and, according to long-term forecasts, consumption will increase by 20% over the next 20 years. In particular, consumption growth in China will provide 40% of total demand growth in the world during this period. “So of course we are thinking about the future, we are thinking about our new projects, we are thinking about energy security. I would like to point out that our offshore pipelines – TurkStream, Blue Stream – are working constantly,” he said.