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Gas Market Lessons from the 2022-2023 Energy Crisis Introduction
…of this report is on gas markets. In conjunction with countries’ long-term energy and decarbonisation objectives, these lessons will be key in enhancing preparedness for future gas market crises.The first lesson is that the global gas market has entered a structurally (and geopolitically) more fragile environment following the 2022-2023 supply shock. Despite fast reorganisation of available liquefied natural gas (LNG) volumes in response to the loss of Russian pipeline flows in Europe, LNG trade flexibility did not equate to compensating lost volumes in globally traded gas. With less natural gas swing production capacity available to the market …
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Global Energy Review 2026 Natural gas
…gas (LNG) prices in the first half of the year. Demand increased by 1% in 2025, translating to an increase of around 40 bcm (or 1.4 EJ) in absolute terms. Incremental demand was largely concentrated in the United States and the European Union – where it was supported by colder winter weather – and in the Middle East, where gas use in the power sector grew rapidly offsetting oil use. By contrast, demand in the Asia Pacific region effectively flatlined, with growth at its lowest level since the 2022 energy crisis. The buildings sector emerged as the largest driver of global…
- Key findings
- Global trends
- Oil
- Natural gas
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+ 9 pages
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Renewables 2022 Transport biofuels
…United States and Europe. Blending requirements and financial incentives support demand growth in India and Brazil, and Indonesia’s 30% biodiesel blending requirement also boosts biodiesel use in that country. Nevertheless, we have revised year-on-year growth downwards 25% from our 2021 forecast, with price and market developments in Brazil, Finland and Sweden responsible for 80% of this downward revision. While high biodiesel prices led the Brazilian government to reduce its biodiesel blending requirements for 2021/22, in Finland high fuel prices prompted the government to temporarily lower its renewable distribution obligation for 2022/23. Sweden froze 2023 greenhouse…
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Global Energy Review 2025 Key findings
…growth in global GDP, driven by record temperatures, electrification and digitalisation. Renewables accounted for the largest share of the growth in global energy supply (38%), followed by natural gas (28%), coal (15%), oil (11%) and nuclear (8%).Emerging and developing economies accounted for over 80% of global energy demand growth. In China, growth in energy demand slowed to under 3% in 2024, half the rate in 2023 and well below China’s average annual growth of 4.3% in recent years. Nevertheless, China still saw the largest demand growth in absolute terms of any country in 2024. India saw the…
- Key findings
- Global trends
- Oil
- Natural gas
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+ 3 pages
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Electricity Mid-Year Update 2025 Prices: Trends in wholesale markets differ across regions
…lower wholesale prices compared to the previous year in the face of varying demand and generation trends, among other factors. At the same time, a number of markets continued to observe an increase in the occurrence of negative electricity prices. A detailed discussion of negative electricity prices and their drivers can be found in our Electricity 2025 report. Higher gas prices put upwards pressure on European and US electricity prices In the European Union, wholesale electricity prices averaged around USD 90/MWh in the first half of 2025, about 30% higher compared to the same period in 2024. During H1 2025…
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Coal Mid-Year Update 2025 Prices
…again priced above thermal coal. This shift reflected a normalisation of market conditions, improving supply-demand balances. Notably, tight coking coal supply from Australia between September 2023 and March 2024 supported elevated prices during that period. Throughout 2024, however, coal prices continued to ease. By year-end, Australian low-volatile coking coal (FOB) had declined to below USD 200 per tonne. Thermal coal benchmarks also fell: Newcastle 6 000 kcal/kg FOB went down to USD 125 per tonne, while Indonesian 4 200 kcal/kg FOB hovered around USD 50 per tonne.In Spring 2025, coal markets exhibited greater stability, with more muted movements compared…
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Global Hydrogen Review 2026 Demand
Global hydrogen demand grew almost 3% in 2025 to surpass 100 Mt, concentrated in traditional uses in industry and refining. The impacts of the conflict in the Middle East render the near-term outlook for current hydrogen applications uncertain, particularly for fertiliser production and trade.Demand for low-emissions hydrogen grew by 20% in 2025, reaching close to 1 Mt. However, sluggish and uncertain policy implementation is failing to address the major barriers to adoption and preventing faster uptake.New offtake agreements for low-emissions hydrogen reached 1.7 Mtpa in 2025, as in 2024. One-fifth of all new agreements were firm…
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World Energy Investment 2025 Executive summary
…electricity sector is set to reach USD 1.5 trillion in 2025, some 50% higher than the total amount being spent on bringing oil, natural gas and coal to market. There is also increasing expenditure on the electrification of end-uses, largely reflecting the additional cost of buying an electric vehicle (EVs) versus an internal combustion engine model, even though many EV models being sold in China – the leading market for sales – are now competitive on an up-front basis with their conventional equivalents.Spending on low-emissions power generation has almost doubled over the past five years, led by solar PV…
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Gas Market Lessons from the 2022-2023 Energy Crisis Impact analysis of the two largest LNG import regions
…totalling about 100 bcm, spread across 19 EU member states and a handful of non-EU markets. Given the highly variable nature of Europe’s gas demand, underground gas storage plays a crucial role in balancing both seasonal and immediate fluctuations in demand and supply, acting as an important pillar of the continent’s security of supply.Finally, beyond access to varied supply sources and sizeable underground gas storage capacity, Europe’s – and more specifically the European Union’s and the wider Energy Community’s – gas market is underpinned by an important regulatory framework. The framework provides visibility and predictability…
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Coal 2025 Prices and costs
…in the high-CV market, where prices fluctuated between USD 92/t and USD 122/t, while for low-CV the spread was only USD 9/t.Met coal prices have followed a distinct trajectory since mid-2023, with significantly higher volatility compared with high-CV thermal coal. Prices exceeded USD 350/t in the third quarter of 2023, driven by rising demand from China and India. Market tightness eased in the second quarter of 2024, supported by increased exports from Mongolia to China. Since then, prices continued to decline, averaging USD 186/t in the first eight months of 2025.Recent market movements underscore the…
- Executive summary
- Demand
- Supply
- Trade
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+ 2 pages
