The International Energy Agency (IEA) reported in its gas market report that global gas demand in 2024 will increase by 2.8%, reaching a record 4.212 trillion cubic meters.
Preliminary data shows that global gas demand in 2024 rose by 2.8%, or 115 bcm, significantly higher than the historical average growth rate of 2% from 2010 to 2020.
Over 40% of the increase in gas demand came from Asian countries, primarily China and India. In Europe, gas consumption grew slightly compared to 2023.
In 2025, global gas demand is expected to set another record, reaching 4.292 trillion cubic meters, but the growth rate will slow to 1.9% (nearly 80 bcm), according to the IEA.
Energy
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In January-November 2024, Azerbaijan imported 513.5 mcm of natural gas worth nearly $82 million. In the same period of 2023, Azerbaijan imported 2 billion 217.7 mcm of natural gas, the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan.
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In January-November 2024, Azerbaijan imported 1.724 million tons of crude oil worth $948.86 million, the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan. Based on the official statistics, Turan Agency calculated that the average cost of 1 ton of imported oil was $550.38, or about $74.37 per barrel. During the same period in 2023, Azerbaijan imported 1.782 million tons of oil worth $994.04 million. The average cost of 1 ton of imported oil was $557.68, or about $75.36 per barrel.
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In January-November 2024, Azerbaijan spent $306.1 million on fuel imports (gasoline, diesel fuel, and aviation kerosene), by 74% more than in the same period of 2023, the monthly bulletin "Foreign Trade Relations of Azerbaijan," prepared by the State Statistics Committee of the Republic of Azerbaijan.
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The Central Bank of Azerbaijan (CBA) forecasts the average oil price for 2025 at $77.3 per barrel, the chairman of the CBA, Taleh Kazimov, stated at a press conference.
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