IEA: Summer 2023 Could Lead To Unsustainable Prices In Winter 2024
The International Energy Agency (IEA) has warned of potential unsustainable prices in the winter of 2024, following an expected increase in gas consumption in China this summer. This surge in demand could lead to fierce competition and unsustainable market prices, posing a significant risk to European customers. International gas markets are in a turbulent phase due to Chinese demand for liquefied natural gas (LNG) and uncertainty about further gas supply cuts by Russia. IEA Gas Market Report Published The International Energy Agency (IEA) has released its Gas Market 2023 – Q1 report, which outlines industry trends in 2022 and forecasts for 2023. Global natural gas consumption fell 1.6% last year, but the sector faces supply challenges. In Europe, the center of the energy crisis, natural gas demand fell 13% in 2022, the sharpest decline in history. The main reasons for this decline include emergency measures governments took to address the energy crisis, declining industrial production...