Production growth is poised to accelerate, according to the IEA, but demand will not keep up, as some output growth is in potential new markets, affected by high prices, and is export-orientated, while consumption growth in mature markets is slowing. [Gas in Transition, Volume 3, Issue 10]
From mid-2021 until late 2022, Europe and parts of Asia were gripped by an energy crisis, as oil, gas, coal and power prices surged, in some cases to record highs, forcing households and firms to cut use rapidly.
This year’s revival in Chinese gas consumption will extend into the upcoming winter that is tracking to be warmer than usual, but stronger pipeline flows from Russia and Central Asia will check seasonal LNG import growth. [Gas in Transition, Volume 3, Issue 10]
Europe will remain greatly exposed to global LNG market volatility, energy experts Thierry Bros and Anne-Sophie Corbeau warned in NGW’s latest In a Nutshell podcast, as it has mostly lost its previous “buffers” against supply shocks. [Gas in Transition, Volume 3, Issue 9]
What the Statistical Review of World Energy brings out is a clear message that the world must “inject more urgency into the energy transition,” and develop the low-carbon technologies needed to bring emissions down. The good news is that the US and China are back in talking terms, ready to resume cooperation on tackling the climate and emission challenges facing both countries and the world. [Gas in Transition, Volume 3, Issue 8]