LONDON: Global gas markets are gradually rebalancing but are expected to remain tight in 2023 amid lower Russian pipeline gas deliveries to Europe, the International Energy Agency (IEA) said on Thursday.
The European and global gas markets suffered a major supply shock in 2022 when Russia reduced its pipeline gas deliveries to the European Union by 80%, triggering a global energy crisis.
Mild weather, an increase in liquefied natural gas (LNG) exports and a strong decline in gas demand helped to cushion the shock leaving Europe’s storage 60% full.
“The reduced market strains and relatively well-stocked storage sites ahead of the summer are reasons for cautious optimism for supply security,” the IEA said in its quarterly gas market report.
“The improved outlook for gas markets in 2023 is no guarantee against future volatility…global gas supply is set to remain…
