IEA: India's natural gas demand to fall 8% this year
India's natural gas demand is set to dip by 8% this year, says the International Energy Agency.
The main reason: ongoing conflict in West Asia and the closure of the Strait of Hormuz have disrupted almost half of India's liquefied natural gas imports from that region, shaking up how much energy key industries can access.
Industrial output declines, LNG imports surge
Fertilizer production took a seven percent hit and petrochemicals dropped by a sharp 21% between January and April.
On the flip side, more people are using compressed and piped natural gas at home and work. Residential and commercial use actually jumped by 12%.
To keep up with supply, India started importing way more liquefied natural gas from Africa (almost three times as much) and boosted North American imports by 70%, helping balance out a big drop from the Gulf.