The 2023 Global Gas Report highlights the impact of the global energy crisis on the global gas market. The crisis has led to a significant increase in global emissions, with coal-related emissions reaching an all-time high due to gas to coal switching. The global gas market experienced significant shifts in 2022, demonstrating remarkable flexibility and exceptional resilience in the face of unprecedented shocks from supply and demand sides. The conflict between Russia and Ukraine exacerbated the already tight global supply situation and drove gas prices to the highest ever recorded. The report emphasizes that the unaffordable prices were detrimental to many developing countries, especially in South Asia, who suffered painful energy supply shortages and prolonged blackouts. However, by September 2023, European storage levels exceeded required capacity, thanks to expanded import infrastructure, massive additional LNG inflows, and increased production of domestic natural gas. The report concludes that while Europe's rapid development of new infrastructure and efficient utilization of existing gas networks has been critical in rebalancing the regional situation, the global gas supply remains just as constrained.
