IEA cautions of gas market tension next year as Russia addit...| MENAFN.COM

Thursday, 08 December 2022 06:52 GMT

IEA cautions of gas market tension next year as Russia additional lowers provision to Europe


(MENAFN) Worldwide natural gas markets are prepared to stay tight in 2023, with decreased gas flow from Russia to Europe, high gas costs, less request as well as the effect of energy saving actions, as said by the International Energy Agency's Gas Market Report for the fourth quarter of 2022 issued on Monday.

As Russia's reductions of natural gas flow to Europe causes new peaks of worldwide costs, it disturbs exchange flow as well, causing fuel defects in some emerging and improving economies, the IEA stated.

Russia's lowered flows to Europe expands market pressures and doubts ahead of the approaching winter, not just for Europe but also for all markets that depend on the same provision pool of liquefied natural gas (LNG), as shown by the report.

"Russia's invasion of Ukraine and sharp reductions in natural gas supplies to Europe are causing significant harm to consumers, businesses and entire economies, not just in Europe but also in emerging and developing economies," according to Keisuke Sadamori, the IEA's head of Energy Markets and Security.

"The outlook for gas markets remains clouded, not least because of Russia's reckless and unpredictable conduct, which has shattered its reputation as a reliable supplier. But all the signs point to markets remaining very tight well into 2023," he added.

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