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Thursday, October 5, 2023

Global coal demand could grow by 1.2% in 2022

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By the end of 2022, world coal demand will increase by 1.2% year-on-year to reach a record 8,025 billion tons. Such expectations are expressed in the report of the International Energy Agency.

The forecast of the indicator has been lowered compared to previous forecasts. This was due to the slow growth of the global economy against the backdrop of the energy crisis, inflation and logistics disruption.

However, there are factors that contribute to increased demand for fossils. First, the shortage of natural gas and the associated rise in prices are forcing countries and businesses to switch to cheaper coal. In addition, hot and dry weather in the summer also caused a decrease in hydroelectric energy production.

However, this year global coal production will reach a record level of 8.32 billion tons. This will be 5.4% more than a year ago.

Source: Riafan

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