In 2023, world gas prices stabilized but still remained above the statistical average. This was reported in British Shell’s annual report. report in the LNG market
According to the company, there were several factors affecting the market balance: a relatively warm winter in Europe, large gas reserves, increased nuclear energy production and the recovery of the Chinese economy.
This has reduced price peaks and volatility compared to the period from the end of 2021 to 2022. However, the company writes that current gas prices are significantly higher than 2017-2020 levels.
In addition, the Shell report states that tension in the market continues due to the decrease in natural gas supply from Russia.
At the same time, the report notes that the main drivers of gas market growth will be countries located in Southeast Asia that are actively developing their industries, including the petrochemical industry. According to the company, by the mid-2040s, almost all countries in the world will reach peak gas demand.
Previously expert appreciated Austria plans to give up Russian gas.
Formerly Ministry of Economic Development guess Reduction in demand for oil and gas from the Russian Federation by 2050.