Total consumption of natural gas in the European Union decreased by 13% in March in comparison with the same period of the previous year, according to the Monthly Gas Market Report issued by the Gas Exporting Countries Forum (GECF) on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 19th April, 2023) Total consumption of natural gas in the European Union decreased by 13% in March in comparison with the same period of the previous year, according to the Monthly Gas Market Report issued by the Gas Exporting Countries Forum (GECF) on Tuesday
"In March 2023, the EU gas consumption recorded a 13% y-o-y decline, reaching 34.1 bcm (billion cubic meters)," the GECF report said.
The report also noted that warm and windy weather, as well as extended voluntary 15% gas demand reduction target were the main drivers for this decline.
Besides, the GECF added that gas price on the European and Asian markets continued to fall for the third month in a row.
"In March 2023, (Dutch) TTF (Title Transfer Facility) and NEA (northeast Asia) LNG spot prices averaged $13.87/MMBtu (million British thermal units) and $13.35/MMBtu, falling by 17% and 16% m-o-m, respectively, and representing a 65% decrease y-o-y," the report said.
Additionally, EU imported 14% more pipeline gas, which amounted to 13.7 billion cubic meters, in March compared to February, according to the report.
The GECF is an intergovernmental organization that currently comprised 19 world's leading natural gas producers. Algeria, Bolivia, Egypt, Equatorial Guinea, Iran, Libya, Nigeria, Qatar, Russia, Trinidad and Tobago, UAE and Venezuela are full-fledged members of the GECF, while Angola, Azerbaijan, Iraq, Malaysia, Mozambique, Norway, Peru have the status of observers.
