The International Energy Agency announced today, Thursday, that "global gas markets are gradually restoring balance; however, supply is expected to remain tight in 2023 amid decreased gas shipments via Russian pipelines to Europe." The agency noted in its quarterly report on the gas market that "the improved outlook for gas markets in 2023 does not guarantee against future volatility," indicating that "global gas supply is expected to remain tight in 2023 and that the balance in global gas markets faces unusually wide-ranging uncertainty."
However, the global supply of liquefied natural gas is expected to increase by only four percent, or more than 20 billion cubic meters, in 2023, which will not be sufficient to offset the expected decline in gas supplies via Russian pipelines to Europe. European and global gas markets suffered a significant supply shock in 2022 when Russia reduced its gas shipments through pipelines to the European Union by 80 percent, leading to a global energy crisis.
