India's gas reliance grows as Europe cuts down on energy consumption

India's demand for the fuel has slumped 5 per cent in the April-September period of FY23 to 31.5 billion cubic metres from a year ago, after rising 5 per cent 2021-22

GAIL (India), a torchbearer for India’s natural gas ambitions, stumbled into the second quarter of 2022-23 (FY23), weighed down by the turmoil in the global gas markets. It was forced to slash supplies to customers after a former Gazprom unit stopped liquefied natural gas (LNG) shipments. 

Farther away, in Europe, member nations have introduced gas storage obligations, and agreed upon voluntary targets to cut gas and electricity demand by 15 per cent this winter. 

Germany, Russia’s biggest gas customer, has reduced consumption of the fuel for both industries and residences after Europe’s Title Transfer Facility (TTF) gas benchmark price scaled