European and global gas markets suffered a major supply shock in 2022 when Russia cut gas shipments by pipeline to the European Union by 80%.
Mild weather, an increase in LNG exports and a sharp drop in gas demand helped soften the blow, keeping inventories in Europe at 60%.
The agency said in its quarterly gas market report, “Improved expectations for gas markets in 2023 are no guarantee against future swings…Global gas supply is expected to remain scarce in 2023, and the balance of the gas markets in the world is facing large uncertainties.” Unusual fork.
Renewed market tensions and price volatility could result from risks, including adverse weather conditions such as a dry summer, as well as a drop in LNG supply and the possibility of a further drop in supplies. Russians in Europe.
LNG now accounts for two-thirds of Europe’s gas imports and will meet around one-third of Europe’s gas demand in the 2022-2023 heating season.
European LNG imports increased by 25%, or 20 billion cubic meters, during the heating season, and the United States supplied more than 45% of the additional supplies.
But global LNG supply is expected to increase by only 4%, or more than 20 billion cubic meters, in 2023, which will not be enough to compensate for the expected drop in gas supplies via Russian pipelines to Europe.
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