2023 Global Gas Report

Today the International Gas Union (IGU), Snam and knowledge partner Rystad Energy, release the 2023 Global Gas Report (GGR). The Global Gas Report 2023 can be downloaded here.

The report highlights the challenges posed by the unprecedented demand uncertainties and the lackluster investment levels in natural gas, low-carbon, and renewable gases. There is a growing gap between international energy and gas demand projections compared to the actual investments made in natural gas and renewables. This imbalance could precipitate more severe energy shocks as we approach the 2030s.
 
LNG Notes:

LNG is vital in managing Europe's gas market crisis, compensating for shortages and increasing trade by 4%.

Global LNG exports in H1 2023 rose 4.1% year-on-year, despite disruptions during the Northern hemisphere's summer.

High LNG prices ensured supply to Europe but left some Asian countries without affordable access.

In 2022, Europe shifted from Russian gas to LNG, leading to a 69% surge in LNG imports, totaling 124 million tonnes (169 Bcm).

Europe became the primary LNG importer globally, outcompeting other buyers.

About two-thirds of Europe's extra LNG (~30 million tonnes) was sourced from the US.

China's LNG trade dynamics in Asia changed: imports decreased by 21 million tonnes from Australia and the US but rose by 7.4 million tonnes from Qatar.

September 2023 saw Australian LNG supply disruptions due to strikes at the Gorgon and Wheatstone facilities, impacting 5% of global production and influencing global gas prices