IEA predicts that global demand will remain broadly flat in 2023
Global gas outlook ‘improved’, but risks persist
The IEA warns against complacency, as the weather and Russian pipeline flows remain major uncertainties
The world gas market has “an improved outlook for 2023”, compared with last year’s extreme volatility, the IEA says in its latest quarterly outlook, adding that there are “grounds for cautious optimism”, a point echoed by consultants and other industry bodies. But significant risks persist, with the global supply-demand balance for gas “subject to an unusually wide range of uncertainties”, the IEA continues, warning against complacency and emphasising that “further measures [are] needed to mitigate potential risks that could quickly renew market tensions and price volatility”. Demand reduction was critical for markets last year to be able to cope with the slump in Russian supply to Europe. T
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
