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1、Gas Market Report,Q2-2023The IEA examines the full spectrum of energy issues including oil,gas and coal supply and demand,renewable energy technologies,electricity markets,energy efficiency,access to energy,demand side management and much more.Through its work,the IEA advocates policies that will en
2、hance the reliability,affordability and sustainability of energy in its 31 member countries,11 association countries and beyond.This publication and any map included herein are without prejudice to the status of or sovereignty over any territory,to the delimitation of international frontiers and bou
3、ndaries and to the name of any territory,city or area.Source:IEA.International Energy Agency Website:www.iea.org IEA member countries:Australia Austria Belgium Canada Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Japan Korea LithuaniaLuxembourg Mexico Netherlands
4、 New Zealand Norway Poland Portugal Slovak Republic INTERNATIONAL ENERGY AGENCY Spain Sweden Switzerland Republic of TrkiyeUnited Kingdom United States The European Commission also participates in the work of the IEAIEA association countries:ArgentinaBrazilChinaEgyptIndiaIndonesiaMoroccoSingaporeSou
5、th AfricaThailandUkraine Gas Market Report,Q2-2023 PAGE|2 IEA.CC BY 4.0.Abstract Abstract Pressure on the European and global gas markets has eased since the beginning of 2023 due to favourable weather conditions and timely policy actions.By the end of Q1 2023 European hub and Asian spot liquefied n
6、atural gas(LNG)prices had fallen below their summer 2021 levels,albeit remaining well above their historic averages.The steep decline in natural gas demand reduced the need for storage withdrawals in Europe and the United States over the 2022/23 winter.As a result,storage sites closed the heating se
7、ason1 with inventory levels standing well above their five-year average.This is expected to reduce injection demand during the summer of 2023,and potentially ease market fundamentals.The improved outlook for gas markets in 2023 is no guarantee against future volatility and should not be a distractio
8、n from measures to mitigate potential risks.Global gas supply is set to remain tight in 2023 and the global balance is subject to an unusually wide range of uncertainties.These include adverse weather factors,such as a dry summer or a cold Q4,lower availability of LNG and the possibility of a furthe
9、r decline in Russian pipeline gas deliveries to the European Union.This new issue of the quarterly Gas Market Report provides an overview of recent gas market developments during the 2022/23 heating season,with a forecast for 2023.1 The heating season(or gas winter)in the markets of the Northern Hem
10、isphere refers to the period between 1 October and 31 March.Gas Market Report,Q2-2023 PAGE|3 IEA.CC BY 4.0.Table of contents Table of contentsExecutive summary.5 Gas market update and short-term forecast.11 Gas demand increased in North America during the winter,but is expected to contract in 2023.1
11、2 Growth in US gas consumption during the past winter was sustained by power generation and heating needs during cold weather in Q4.13 Gas consumption saw a limited decline in Central and South America in 2022,and is expected to stabilise in 2023.14 Declines in gas demand in Argentina and Brazil in
12、2022 were almost balanced by growth in other Central and South American markets.15 Gas use for power generation remains low in Brazil in Q1 2023 on strong hydro availability and limited electricity demand growth.16 European gas demand dropped by a record 55 bcm during the 2022/23 heating season.17 M
13、ild weather,energy saving measures and lower gas use in industry weighed on gas demand.18 Asian gas demand came under pressure in 2022;recovery in 2023 is expected to be modest.19 Widespread declines in demand in Asia during 2022 are set to be followed by an uneven recovery in 2023.21 US natural gas
14、 output maintains its growth,driven by Permian oil-driven production.22 US natural gas production remained close to the record 100 bcf/d mark during Q1 2023.23 US natural gas production keeps growing in 2023,but at a slower pace.24 LNG became a baseload supply for Europe.25 accounting for two-thirds
15、 of imports during the 2022/23 heating season.26 Global LNG demand moderated in Q1 while remaining strong in Europe.27 The United States is set to drive LNG supply growth in 2023.29 Not feeling the heat:Gas prices moderated significantly during the 2022/23 winter.30 Asian spot LNG and TTF prices are
16、 expected to remain above their historic averages in 2023.31 Mild winter and low gas demand depressed storage withdrawals over the 2022/23 winter season.32 Storage levels closed the 2022/23 heating season well above their five-year average.33 In the European Union storage injections equal to half of
17、 last years would suffice to reach 90%fill levels by the start of the 2023/24 heating season.34 Spotlight on e-methane.35 E-methane:A gas fit for net zero?.36 E-methane is characterised by a complex value chain with substantial efficiency losses.39 E-methanes high production costs require further te
18、chnological development and policy support.40 Japan:A first mover in the e-methane space.41 Japan has set a target for e-methane to meet 90%of its city gas supply by 2050.43 Japan is actively developing international value chains for e-methane.44 Gas Market Report,Q2-2023 PAGE|4 IEA.CC BY 4.0.Table
19、of contents Annex.45 Summary table.46 Regional and country groupings.47 Abbreviations and acronyms.48 Units of measure.48 Acknowledgements,contributors and credits.49 Gas Market Report,Q2-2023 PAGE|5 IEA.CC BY 4.0.Executive summary Executive summaryA gradual rebalancing of natural gas markets Global
20、 gas markets moved towards a gradual rebalancing over the 2022/23 heating season,following the supply shock sparked by Russias invasion of Ukraine in February 2022.Spot gas prices across the key northeast Asian,North American and European markets dropped by close to 70%between mid-December and the e
21、nd of the first quarter of 2023,while storage sites ended the heating season well above their five-year averages.The reduced market strains and relatively well stocked storage sites ahead of the summer are reasons for cautious optimism for supply security.However,this confluence of factors should no
22、t distract from the further measures needed to mitigate potential risks that could quickly renew market tensions and price volatility.The European and global gas markets suffered a major supply shock in 2022 when Russia sharply reduced its pipeline gas deliveries to the European Union by 80%over the
23、 course of the year and triggered a global energy crisis.Russias steep gas supply cuts led to a reconfiguration of global LNG flows,drove up natural gas prices to all-time highs both in Asia and Europe and necessitated a readjustment in gas demand.The latest estimates indicate that global gas consum
24、ption fell by 1.5%in 2022 similar to the drop experienced in 2020 following the first wave of Covid-19 lockdowns.The bulk of demand reduction was concentrated in the key European and Asian import markets.The sharp increase in gas prices supported gas-to-coal switching dynamics in the power sector an
25、d depressed gas use in energy-intensive industries.Enhanced energy efficiency measures and the continued deployment of renewables reduced gas demand in a structural manner.The strong decline in gas demand continued into the early months of 2023 due to favourable weather conditions and timely policy
26、actions.Natural gas consumption in advanced economies in Europe fell by an estimated 55 billion cubic metres(bcm)year-on-year during the 2022/23 heating season its steepest drop in absolute terms for any winter season on record.The steep decline in natural gas demand reduced the need for storage wit
27、hdrawals in Europe and the United States over the 2022/23 winter.In the European Union,storage injections equal to only half of the level seen in summer 2022 would be enough to reach the EU target of filling storages to 90%by the start of the 2023/24 heating season.Lower injection demand over summer
28、 2023 could potentially contribute to a further easing of market fundamentals.Gas Market Report,Q2-2023 PAGE|6 IEA.CC BY 4.0.Executive summary Market tensions have moderated significantly since mid-December 2022 Evolution of key regional key gas markets since 15 December 2022 IEA.CC BY 4.0.Sources:I
29、EA analysis based on CME(2023),Henry Hub Natural Gas Futures Quotes,CME(2023),Dutch TTF Natural Gas Month Futures Settlements;ICIS(2023),ICIS LNG Edge.-80%-60%-40%-20%0%15-Dec-2222-Dec-2229-Dec-2205-Jan-2312-Jan-2319-Jan-2326-Jan-2302-Feb-2309-Feb-2316-Feb-2323-Feb-2302-Mar-2309-Mar-2316-Mar-2323-Ma
30、r-2330-Mar-23%change compared to 15 December 2022TTFHenry HubAsian spot LNG Gas Market Report,Q2-2023 PAGE|7 IEA.CC BY 4.0.Executive summary Global gas supply is set to remain tight in 2023 amid lower Russian pipeline gas deliveries to Europe Global LNG supply is forecast to increase by a mere 4%(or
31、 over 20 bcm)in 2023.This would not be sufficient to offset the expected reduction in Russias piped gas supplies to Europe.The United States is projected to account for over half of the global supply increase in 2023 and become the worlds largest LNG exporter.This growth will be supported primarily
32、by the ramping up of the Calcasieu Pass LNG terminal and the restart of Freeport LNG,which returned to full service at the end of the first quarter of 2023.In addition to the United States,LNG supply from Africa and South and Central America is projected to increase by close to 10 bcm amid improving
33、 feed gas availability and the ramping up of the Coral South and Congo floating LNG plants.By contrast,Russias LNG output is expected to decline.Sakhalin-II LNGs project operator announced in February 2023 that the plant will move away from the peak load strategy it has been pursuing in the last few
34、 years,while production from YAMAL LNG is expected to decline by 5%year-on-year in 2023.The level of Russian pipeline gas supplies is a major uncertainty for the remainder of 2023.If flows to the European Union continue at the levels seen in the first quarter,Russian piped gas deliveries to advanced
35、 economies in Europe would drop by 45%(or over 35 bcm)in 2023 compared with 2022.Following a 90 bcm drop in Russian gas production in 2022,lower exports and muted domestic demand are expected to further reduce Russias output by over 50 bcm in 2023,adding to the challenges facing the Russian gas indu
36、stry.Global gas demand is expected to remain broadly flat in 2023 Global gas demand is expected to remain flat in 2023,with higher demand in Asia Pacific and the Middle East offsetting the expected declines in Europe and North America.In Asia,gas demand is projected to increase by close to 3%,with C
37、hina and India as the main drivers.Gas demand in China is forecast to increase by over 6%in 2023,supported by a recovery in economic activity and potentially higher gas use in industry.In the Middle East,gas demand is forecast to increase by 2%,driven by Iran and Saudi Arabia.Gas demand in advanced
38、economies in Europe is projected to decline by 5%as rapidly expanding renewables weigh on gas-fired generation.After strong growth in 2022,gas demand in North America is expected to decline by 2%as a result of lower gas use for space heating,power generation and industry.China gradually recovers its
39、 appetite for LNG,although imports are set to remain below their 2021 levels Chinas LNG imports declined by an unprecedented 20%in 2022,enabling higher LNG deliveries to the European market.Chinas LNG import growth recovered to double-digit growth in March 2023,supported by higher domestic gas deman
40、d.The Gas Market Report,Q2-2023 PAGE|8 IEA.CC BY 4.0.Executive summary countrys LNG inflows are expected to increase by 10-15%compared with 2022 while remaining below their 2021 levels.LNG became effectively a new baseload supply for Europe,accounting for two-third of the regions imports and meeting
41、 around one-third of its gas demand through the 2022/23 winter season.After strong growth in Q1 2023,OECD Europes LNG imports are expected to decline for the remainder of the year amidst lower injection needs and a continued decline in European gas consumption.Grounds for cautious optimism Pressure
42、on the European and global gas markets has eased since the beginning of 2023 due to favourable weather conditions and timely policy actions.The improved outlook for gas markets in 2023 is no guarantee against future volatility and should not be a distraction from measures to mitigate potential risks
43、.Global gas supply is set to remain tight in 2023,and the global balance is subject to an unusually wide range of uncertainties.The risks include adverse weather factors,such as a dry summer or colder-than-usual end of the year,lower availability of LNG,and the possibility of a further decline in Ru
44、ssian pipeline gas deliveries to Europe.These factors could easily renew market tensions and price volatility.As a result,there is a continued need to reduce gas demand in a structural manner through improved energy efficiency measures,accelerated deployment of renewables and heat pumps,as well as b
45、ehavioural changes.Short-terms options to enhance gas supply and optimise the use of gas infrastructure should be promoted,including via the reduction of methane leaks and gas flaring.E-methane:A gas fit for net zero?Beyond the immediate security of supply concerns,there is a clear and urgent need f
46、or policy makers and the private sector to promote effective ways to decarbonise gas supply.E-methane is interchangeable with natural gas and would limit the need for retrofitting existing natural gas plants and networks while enhancing system and seasonal flexibility.As part of the IEAs Low-Emissio
47、n Gas Work Programme,this quarterly edition of the Gas Market Report provides an in-depth overview of the developments related to e-methane.E-methanes high production costs require further technological development and policy support,including through closer dialogue between future producers and con
48、sumers.Gas Market Report,Q2-2023 PAGE|9 IEA.CC BY 4.0.Executive summary Global gas supply is set to remain tight in 2023 Year-on-year change in global natural gas supply(2019-2023)IEA.CC BY 4.0.Sources:IEA analysis based on ENTSOG(2023),Transparency Platform;Eurostat(2023),Energy Statistics;General
49、Administration of Customs of Peoples Republic of China(2023),Customs Statistics;ICIS(2023),ICIS LNG Edge;JODI(2023),Gas World Database.-90-60-300 30 60 90200222023Y-o-y change in bcmRussia-pipeline flows to EuropeOthers-pipeline flows to EuropeRussia-pipeline flow to ChinaCentral Asia-pip
50、eline flows to ChinaLNG supplyNet change Gas Market Report,Q2-2023 PAGE|10 IEA.CC BY 4.0.Executive summary Global gas growth turned negative in 2022,flat and uncertain for 2023 Change in global natural gas demand per calendar year,2020-2023 Breakdown by region Breakdown by sector IEA.CC BY 4.0.-200-
51、1000 100 2--23bcmAfricaAsia PacificCentral and South AmericaEurasiaEuropeMiddle EastNorth AmericaWorld-200-1000 100 2--23bcmPower generationIndustryResidential and commercialEnergy sectorTransportAll sectors Gas Market Report,Q2-2023 PAGE|11 IEA.CC
52、 BY 4.0.Gas market update and short-term forecast Gas market update and short-term forecast Gas Market Report,Q2-2023 PAGE|12 IEA.CC BY 4.0.Gas market update and short-term forecast Gas demand increased in North America during the winter,but is expected to contract in 2023 During the winter season o
53、f 2022/23 the United States saw an estimated 0.6%year-on-year(y-o-y)increase in its consumption of natural gas.As temperatures plummeted in December,the end of the year saw a dramatic rise in the demand for natural gas for commercial and residential heating.The first quarter of 2023,however,saw a si
54、gnificant reversal,with mild temperatures nearly reversing the increase in demand over the previous years winter season.Overall,natural gas consumption saw a 5.3%rise in 2022,driven by the use of natural gas for power generation.This was stimulated by the need for cooling,which can be attributed to
55、high temperatures during the summer months.Furthermore,the retirement of coal-fired power plants and relatively high coal prices,along with lower than average coal stocks,caused coal consumption for power generation to decrease,leading to a switch in favour of natural gas for electricity generation.
56、This resulted in natural gas accounting for 38.0%of the power mix on average during the winter period,or a 3 percentage point increase over the previous winter,while coal fell to 18.4%,a drop of 2.5 percentage points.In addition,abnormally low temperatures especially during the arctic front that swe
57、pt across the country in late December causing heavy rain and snow greatly added to the rise in the use of natural gas for residential and commercial heating.In stark contrast,January saw unseasonably mild temperatures,setting new records for the warmest month,offsetting the trend.The industrial sec
58、tor experienced a 2.1%decrease in natural gas consumption during winter 2022/23 relative to winter 2021/22,albeit at a relatively stable rate.Gas consumption in Canada increased by close to 7%in 2022.Both wholesale customers(large industry and power generators)and residential and commercial customer
59、s contributed to this growth.The switch away from coal in the power generation mix has been gradually pushing demand for natural gas upwards.The winter season started with a rise in residential and commercial natural gas consumption(up 7.5%y-o-y in Q4 2022)due to lower than average temperatures,but
60、this trend could potentially be counteracted in the first quarter of 2023 as temperatures were higher than average.Mexicos apparent natural gas consumption remained stable y-o-y during the period from October 2021 to January 2022.North American gas consumption is expected to decrease by about 2.9%in
61、 2023.In the United States,slower economic growth is set to depress gas demand in industry,while an unseasonably mild Q1 reduced gas use in the residential and commercial sectors,weighing on the outlook for the full year.The economic slowdown coupled with the strong expansion of renewables is set to
62、 reduce the call on gas-fired power plants,although continued coal-to-gas switching could moderate the overall decline in gas demand for power generation.Gas Market Report,Q2-2023 PAGE|13 IEA.CC BY 4.0.Gas market update and short-term forecast Growth in US gas consumption during the past winter was
63、sustained by power generation and heating needs during cold weather in Q4 Monthly natural gas consumption,United States,winter 2021/22 and 2022/23 Gas consumption by sector,United States,winter 2022/23 relative to winter 2021/22 IEA.CC BY 4.0.Sources:IEA analysis based on EIA(2023),Natural Gas Consu
64、mption;Natural Gas Weekly Update.0%2%4%6%8%10%12%14%50 60 70 80 90 100 110 120 130OctNovDecJanFebMarbcf/d2021/222022/23Y-o-y change(%)-5%0%5%10%Power generationIndustryResidential and commercialTotal consumptionY-o-y change Gas Market Report,Q2-2023 PAGE|14 IEA.CC BY 4.0.Gas market update and short-
65、term forecast Gas consumption saw a limited decline in Central and South America in 2022,and is expected to stabilise in 2023 Natural gas consumption in the Central and South America region is estimated to have fallen by close to 1.5%in 2022,primarily due to lower need for gas for power generation i
66、n Brazil after record droughts in 2021.It is expected to stabilise in 2023 with a limited decline of less than 1%as higher hydro availability(as of the end of Q1)further reduces gas for power needs,partly compensated by limited growth among industrial consumers.Argentinas gas consumption declined by
67、 about 2%y-o-y in the fourth quarter of 2022 after registering a 3%increase in the first nine months of the year,as demand growth from the industrial sector turned negative in the final months of 2022.The power generation sector,which accounts for close to 30%of total gas consumption,experienced an
68、11%decline in 2022 due to modest growth in electricity demand and a rebound in hydro generation from the low levels of 2021.This was partly offset by increases from the industrial sector(up by 6%)and the residential and commercial sector(up by 3%),which account for a quarter of total gas demand each
69、.Domestic production grew by 3%in 2022,supported by a 14%increase in the Vaca Muerta shale basin in Neuqun province,which contributed to a 26%reduction in natural gas imports.The decline in gas use in Brazil further accelerated in Q4 2022 with a 29%y-o-y slide,as gas burn for power generation droppe
70、d by close to 70%on strong hydro recovery.Gas consumption for the whole of 2022 declined by an estimated 22%y-o-y,dragged down by a steep 61%drop in gas use for power generation,while demand from industry and retail customers increased by 7%and 5%respectively.Operational data show that hydroelectric
71、ity increased by 4.2 TWh y-o-y(up 4%)in the first quarter of 2023 against only 2.6 TWh(up 2%)for total electricity generation,resulting in an estimated 6 TWh drop in gas-fired generation(down 62%).Gas production in Trinidad and Tobago increased by 4%in 2022 while LNG exports recovered by 19%y-o-y,le
72、ading to an estimated decline in domestic consumption of close to 3%.Apparent gas consumption grew by 10%in Central America and the Caribbean in 2022,and LNG imports almost doubled during the October 2022 to February 2023 period,supported by strong increases in Jamaica and Panama.Bolivia,Chile and P
73、eru reported a 10%increase in their respective gas demand in 2022.Colombia saw its gas consumption increase by 5%over the same period,although early 2023 data show a 6%y-o-y decline for the first two months of the year.Gas Market Report,Q2-2023 PAGE|15 IEA.CC BY 4.0.Gas market update and short-term
74、forecast Declines in gas demand in Argentina and Brazil in 2022 were almost balanced by growth in other Central and South American markets Monthly natural gas consumption,Central and South America,2021-2022 IEA.CC BY 4.0.Sources:IEA analysis based on ANP(2023),Boletim Mensal da Produo de Petrleo e G
75、s Natural;BMC(2023),Informes Mensuales;Central Bank of Trinidad and Tobago(2023),Statistics;CNE(2023),Generacin bruta SEN;ENARGAS(2023),Datos Abiertos;ICIS(2023),ICIS LNG Edge;IEA(2023),Monthly Gas Data Service;JODI(2023),Gas Database;MME(2023),Boletim Mensal de Acompanhamento da Industria de Gs Nat
76、ural;OSINERG(2023),Reporte diario de la operacin de los sistemas de transporte de gas natural.0 2 4 6 8 10 12 14 16JFMAMJJASONDJFMAMJJASOND20212022bcmArgentinaBrazilVenezuelaTrinidad and TobagoColombiaChilePeruBoliviaOther Gas Market Report,Q2-2023 PAGE|16 IEA.CC BY 4.0.Gas market update and short-t
77、erm forecast Gas use for power generation remains low in Brazil in Q1 2023 on strong hydro availability and limited electricity demand growth Monthly hydro and gas-fired electricity production and LNG imports,Brazil,2020-2023 IEA.CC BY 4.0.Sources:IEA analysis based on EPE(2023),Monthly Review of th
78、e Electricity Market;ICIS(2023),ICIS LNG Edge;ONS(2023),Power Generation.0.00.40.81.21.62.001020304050J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M2020202120222023LNG imports(bcm)Electricity generation(TWh)LNG importsHydro generationGas-fired generation Gas Market Rep
79、ort,Q2-2023 PAGE|17 IEA.CC BY 4.0.Gas market update and short-term forecast European gas demand dropped by a record 55 bcm during the 2022/23 heating seasonNatural gas consumption in OECD Europe fell by an estimated 16%(or 55 bcm)y-o-y during the 2022/23 heating season its steepest drop in absolute
80、terms for any winter season in our records.High gas prices continued to weigh on gas use in industry,while milder weather conditions together with energy saving measures depressed distribution network-related demand and gas burn in the power sector.Distribution network-related demand fell by 16%(or
81、25 bcm)y-o-y during the 2022/23 winter season,accounting for around 45%of the total reduction in OECD Europes gas consumption.Heating degree days stood 7%below their 2021/22 levels,weighing on space heating requirements in the residential and commercial sectors.Notably,unseasonably mild temperatures
82、 in October and the first half of November delayed the start of the European heating season by almost a month.Nevertheless,weather-related factors explain only 40%of the demand decline experienced in the residential and commercial sectors.Gas-saving measures enacted in public buildings(such as manda
83、tory temperature controls),fuel-switching in rural households(including to biomass,fuel oil and waste),the installation of heat pumps,efficiency gains and behavioural changes all played a critical role in reducing distribution network-related demand.Rising affordability issues also contributed to lo
84、wer gas use in households.The share of people unable to heat their homes in the European Union stood at 6.9%in 2021.This situation is expected to have significantly worsened during the 2022/23 winter season.Gas burn for power generation declined by an estimated 12%(10 bcm)y-o-y during the 2022/23 he
85、ating season.This was largely driven by lower electricity consumption,which fell by close to 7%(90 TWh),its largest drop in absolute terms for any winter season in our records.Milder weather,energy saving measures and lower electricity use in industry were the main drivers behind this sharp decline.
86、Gas demand in industry fell by close to 20%(20 bcm)y-o-y during the winter season,with high prices leading to continued fuel-switching and reduced operating rates in the most gas-intensive industries.The steep drop in gas prices in Q1 2023 supported gas use in industry,which increased by an estimate
87、d 20%compared with Q4 2022.OECD Europes gas demand is forecast to decline by 5%in 2023.This is largely driven by lower gas burn in the power sector,down by close to 15%amid rapidly expanding renewables.Gas use in industry is expected to recover by close to 5%as lower gas prices enable demand recover
88、y in the second half of the year.Considering the declines seen in Q1,demand in the residential and commercial sectors is expected to fall by 4%in 2023.Gas Market Report,Q2-2023 PAGE|18 IEA.CC BY 4.0.Gas market update and short-term forecast Mild weather,energy saving measures and lower gas use in in
89、dustry weighed on gas demand IEA.All rights reserved.Sources:IEA analysis based on Enagas(2023),Natural Gas Demand;ENTSOG(2023),Transparency Platform;EPIAS(2023),Transparency Platform;Trading Hub Europe(2023),Aggregated consumption-60-40-200Residentialand commercialPowerIndustry2022/23Y-o-y change i
90、n bcmWeatherFuel switchingEfficiencyAffordabilityBehavioural changesProductioncurtailmentsFuel switchingEfficiency gainsLower electricity demandHigher hydroEstimated y-o-y change in gas demand by sector,OECD Europe,2021/22 heating season vs 2022/23 heating season Gas Market Report,Q2-2023 PAGE|19 IE
91、A.CC BY 4.0.Gas market update and short-term forecast Asian gas demand came under pressure in 2022;recovery in 2023 is expected to be modest Asias gas consumption experienced an unprecedented slowdown of 2%in 2022 because of high LNG prices,Covid-related disruption in the Peoples Republic of China(h
92、ereafter“China”)and mild weather for most of the year in Northeast Asia.This trend was confirmed in January 2023 with a decrease of 2%y-o-y.Asian gas demand is projected to return to modest growth of around 3%in 2023 due to the lifting of Chinas zero-Covid policy,an assumption of normalising weather
93、 and the modest recovery of gas consumption in India and emerging Asia after steep declines in 2022.Chinas gas consumption decreased by 1-2%in 2022,depending on the source of the data(from the Chongqing Petroleum and Gas Exchange or from the NDRC).In 2023 natural gas demand decreased by 4%y-o-y in J
94、anuary and increased again by 4%y-o-y in February.For the first two months of 2023 natural gas demand globally decreased very slightly by 0.1%.This drop in demand in the first two months of 2023 was led by industry,with a 9%decrease y-o-y,and the power sector,with a 6%decrease y-o-y.Chinas coal impo
95、rts reached record levels during the first quarter of 2023;this trend may continue throughout the year supported by the extension of the provisional“zero”import tax policy until the end of 2023 as part of Beijing safeguarding its energy security.The largest coal ports in China are located on the eas
96、t coast,where some of Chinas largest LNG import terminals are based.Power producers and large industrial plants in the area can switch between coal and natural gas for their energy generation needs to achieve the most cost-effective production.The decrease in gas use for power generation is also exp
97、lained by the record growth in the share of renewable energy in the electricity mix.The city gas segment recovered in January and February 2023,with a 7%increase y-o-y due to the resumption of economic activity post reopening.In 2023 Chinas gas consumption is expected to rebound by 5-7%,led by the i
98、ndustrial sector,although the rate is highly uncertain.2023s demand increase is fuelled by the expected recovery of economic activity following the easing of Covid-19 lockdown restrictions.Fresh LNG procurement is expected to be sluggish due to the combined effect of the introduction of newly signed
99、 long-term LNG purchase contracts,increased domestic production and pipeline gas imports.Indias gas consumption declined by 6%in 2022 as soaring prices squeezed gas demand for power generation(down 24%y-o-y)and refining(down 30%y-o-y),and from the petrochemicals sector(down 32%y-o-y).City gas demand
100、 was broadly flat,while consumption in the fertiliser segment and other end uses(which include agriculture,upstream operations and other industries)saw modest expansion during 2022,although not enough to compensate for the steep declines in the more price-sensitive sectors of the economy.Indias LNG
101、imports dropped by 17%in 2022,the steepest fall on record and the first decline covering two consecutive years in Indias two-decade history as an LNG importer.Price-driven fuel-switching played the leading role in suppressing LNG demand,but a modest 3%increase in domestic Gas Market Report,Q2-2023 P
102、AGE|20 IEA.CC BY 4.0.Gas market update and short-term forecast production also contributed to the decrease in LNG inflows.In January 2023 natural gas demand in India increased by 14%y-o-y,with a significant increase in the city gas sector(up 70%y-o-y)and the recovery of the fertiliser sector(up 13%y
103、-o-y)along with the power sector(up 5%)amid lower gas prices.In 2023 total gas consumption is expected to increase by 4%thanks to a modest recovery in power sector gas use and continuing albeit slow growth in the industrial and city gas sectors.Japans gas consumption decreased by 1%in 2022,with decl
104、ines in power generation partially offset by increases in other sectors such as commerce and industry.City gas sales for commercial and industrial use increased by 7%and 3%respectively,according to data from METI.Total electricity demand rose by 1%y-o-y,despite a sharp 15%y-o-y reduction in nuclear
105、generation due to the shutdown of reactors requiring periodic or special inspection.Thermal generation from gas and coal,which account for a combined share of more than 65%of the Japanese electricity mix,compensated for this loss.In 2023 Japans gas consumption is expected to decrease by 3%,driven by
106、 the power sector,as growing nuclear and renewables reduce the need for gas-fired electricity.The increase in nuclear output is due to the improved operating rate of plants in production and the restart of others.Koreas gas consumption decreased by almost 1%in 2022,a reversal from the robust growth
107、of 10%in 2021.Healthy growth in the industrial,district heating and city gas segments only partially offset the decrease in gas use for power generation.Gas demand for power generation decreased by more than 3%due to the high output from nuclear,renewable and coal-fired generation.This trend is proj
108、ected to continue in 2023 as total gas demand is set to decrease by 2%.Growing gas use in the industrial and city gas sectors is expected to offset only partially the decline in gas demand for power generation,driven by the start-up of new coal-fired generation and additional nuclear output,such as
109、from Shin Hanul 1 and 2.Emerging Asias gas consumption dropped by 4%in 2022,as high import prices combined with falling domestic supply from some of the regions legacy producers put pressure on demand.Thailand,the regions biggest gas consumer,recorded a 10%y-o-y drop in its gas use in 2022,with most
110、 of the decline concentrated in the power sector and the domestic energy industry.Indonesia,the number two consumer in emerging Asia,saw an overall 2%y-o-y decrease in 2022.Y-o-y readings turned mostly negative from mid-2022 in emerging Asia,and gas demand fell by 12%in the period July to November 2
111、022(with power and industry both contributing to the decline),a sharp contrast to the 6%y-o-y growth recorded in H1 2022.Gas demand was also severely curtailed in Pakistan and Bangladesh,with a combination of power cuts and switching to alternative fuels as spot LNG became practically unaffordable f
112、or the two South Asian importers.In 2022 LNG imports into Pakistan and Bangladesh dropped by 18%and 17%respectively,the sharpest annual decline in both countries brief history as LNG importers.In 2023 emerging Asias gas consumption is projected to increase by a modest 2%,fuelled by growing economic
113、activity and power demand.Gas Market Report,Q2-2023 PAGE|21 IEA.CC BY 4.0.Gas market update and short-term forecast Widespread declines in demand in Asia during 2022 are set to be followed by an uneven recovery in 2023Monthly gas demand,selected Asian countries,2020-2023 Gas demand,selected Asian co
114、untries,2020-2023 IEA.CC BY 4.0.Sources:IEA analysis based on ICIS(2023),ICIS LNG Edge;CQPGX(2023),Nanbin Observation;JODI(2023),Gas World Database;PPAC(2023),Gas Consumption;EPPO(2023),Energy Statistics,Korea Energy Economics Institute(2023),Monthly Energy Statistics,Ministry of Economy,Trade and I
115、ndustry of Japan(2023),METI Statistics.-40%-30%-20%-10%0%10%20%30%40%50%60%Y-o-y changeChinaIndiaIndonesiaJapanKoreaThailand-10%-5%0%5%10%15%Y-o-y change2020202120222023 Gas Market Report,Q2-2023 PAGE|22 IEA.CC BY 4.0.Gas market update and short-term forecast US natural gas output maintains its grow
116、th,driven by Permian oil-driven production US dry gas production increased by an estimated 4%y-o-y during October 2022 to March 2023,reaching an average daily level of 100 bcf in the first quarter of 2023(or a 5.7%y-o-y increase).This increase was primarily led by associated production from oil-driv
117、en shale plays,which increased by close to 8%y-o-y during October to January.Output from the Permian Basin,the largest oil-driven shale play,grew by close to 11%y-o-y over the same period.This has been supported by strong drilling activity,with an average of close to 430 new wells drilled per month
118、in the Permian during October to January,or a 33%y-o-y increase,whereas completion rates increased by only 4%y-o-y over the same period,to a monthly average of 435 wells.January 2023 marked the highest level of drilling activity in the Permian since March 2020,with 437 new wells drilled.Additional a
119、ssociated shale gas growth principally came from the Eagle Ford play,which experienced a 10%increase in output in the October to January period.The Mississippian and Woodford plays have shown similar growth rates,albeit with lower production volumes,while the Bakken and Niobrara had limited growth,a
120、nd the Fayetteville play experienced a 20%slide.By comparison,natural gas output from gas-driven shale plays was close to stable with a meagre 1.1%y-o-y increase during October to January.The Appalachian Basin,the leading source of natural gas,accounting for about 31%of total US production,experienc
121、ed a 2.5%y-o-y decline during this period.According to quarterly statistics from the Pennsylvania Independent Fiscal Office,gas production in the Pennsylvanian part of the Appalachian Basin dropped by 5%y-o-y in the fourth quarter of 2022,while the number of wells drilled declined by close to 12%ove
122、r the same period.Other gas-driven shale basins provided more support,with a close to 8%y-o-y increase in the period October to January,driven by the Haynesville play,which recorded strong 14%growth y-o-y over the same period.Drilling activity in the Haynesville increased by 45%y-o-y,with an average
123、 of 75 new wells drilled per month,while the completion rate grew by 67%to an average of 64 wells completed.Total US natural gas production increased by 3.7%in 2022,but this is expected to slow in 2023 due to a combination of continued conservative upstream spending,cost inflation,limited export out
124、lets and an expected decline in domestic demand.This forecast expects US dry gas output to increase by about 2%in 2023,principally supported by associated gas production,while pure gas shale plays are expected to see only limited growth.Gas Market Report,Q2-2023 PAGE|23 IEA.CC BY 4.0.Gas market upda
125、te and short-term forecast US natural gas production remained close to the record 100 bcf/d mark during Q1 2023 Gas production by type,United States,2018-2023 IEA.CC BY 4.0.Sources:IEA analysis based on EIA(2023),Natural Gas Data;Natural Gas Weekly Update.0.020.040.060.080.0100.0120.00070
126、8090100J MS J MS J MS J M2018 2019 20202021Appalachian BasinOther dry shalePermian BasinOther associated shaleOther productionTotal US gasPipeline imports(net)Total US gas(bcf/d)75808590950100J FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMAMJ J ASONDJ FMA200212
127、0222023Total US gas(bcf/d)bcm Gas Market Report,Q2-2023 PAGE|24 IEA.CC BY 4.0.Gas market update and short-term forecast US natural gas production keeps growing in 2023,but at a slower pace Dry gas production by main source,United States,2020-2023 IEA.CC BY 4.0.Sources:IEA analysis based on EIA(2023)
128、,Natural Gas Data,Natural Gas Weekly Update.005002020202120222023bcmDry shaleAssociated shaleOther production002020202120222023Appalachian BasinOther dry shale002120222023Permian BasinOther associated shale Gas Market Report,Q2-2023 PAGE|25 IEA.CC BY 4.0.Gas market u
129、pdate and short-term forecast LNG became a baseload supply for Europe While the share of OECD Europes gas demand met by Russian piped gas fell to well below 10%in the 2022/23 heating season,LNG effectively became a baseload supply for Europe,meeting over one-third of the regions gas demand over the
130、winter.Russian piped gas exports to OECD Europe fell by an estimated 70%(or 50 bcm)y-o-y during the 2022/23 heating season.While deliveries to Trkiye declined by close to 30%y-o-y,gas flows to the European Union plummeted by over 80%,translating into a drop of 47 bcm compared to the previous heating
131、 season.In contrast,the Russian Federations(hereafter“Russia”)LNG exports to the European Union rose by 5%(or 0.5 bcm)compared to the 2021/22 winter period.Altogether,the share of the European Unions total gas demand met by Russian gas is estimated to have dropped to just 10%,while the share met by
132、Russian piped gas is now well below 10%.Norways piped gas supplies to the rest of Europe declined by 4%(or 2.5 bcm)y-o-y during the 2022/23 heating season amid a higher level of planned maintenance and unplanned outages.Norwegian pipeline deliveries to the European Union rose by 2%(or 0.8 bcm),while
133、 exports to the United Kingdom fell by around 18%(or 3 bcm).Non-Norwegian domestic production fell by an estimated 5%(or 1.8 bcm)y-o-y during October 2022-February 2023.This was largely driven by lower gas output in the Netherlands,reflecting the continued phase-out of the Groningen field.Pipeline g
134、as deliveries from North Africa declined by 8%(or 1.4 bcm)y-o-y,with flows to Iberia falling by 25%(or 1.3 bcm)and remaining broadly flat to Italy.Gas supplies from Azerbaijan via the Trans Adriatic Pipeline rose by 15%(or 0.8 bcm)compared to the previous heating season.LNG imports rose by over 25%(
135、or 20 bcm)y-o-y to reach a record 94 bcm during the 2022/23 heating season.LNG flows from the United States increased by 30%(or almost 10 bcm)y-o-y to account for over 45%of incremental LNG supply into Europe.This further reinforced the position of the United States as Europes largest supplier,accou
136、nting for over 40%of the regions total LNG imports and meeting almost 15%of its gas demand.Qatar increased its gas deliveries by 15%(or 1.5 bcm),primarily supported by higher supplies to Belgium,France,Italy and Poland.The profile of Russian piped gas supplies remains a major uncertainty for the rem
137、ainder of 2023.Assuming that flows to the European Union continue at their Q1 levels,Russian piped gas deliveries to OECD Europe would drop by 45%(or over 35 bcm)in 2023 compared with 2022.LNG imports are expected to remain broadly flat compared to last year.Following a strong increase in Q1 2023,OE
138、CD Europes LNG inflows are expected to decline through the remainder of the year amidst lower injection needs and a continued decline in European gas consumption.Gas Market Report,Q2-2023 PAGE|26 IEA.CC BY 4.0.Gas market update and short-term forecast accounting for two-thirds of imports during the
139、2022/23 heating season IEA.CC BY 4.0.Sources:IEA analysis based on ENTSOG(2023),Transparency Platform;Eurostat(2023),Energy Statistics;Gas Transmission System Operator of Ukraine(2023),Transparency Platform;ICIS LNG Edge;JODI(2023),Gas World Database.OECD Europes natural gas imports by pipeline and
140、LNG 2021/22 heating season 2022/23 heating season Russia-pipeline flowsNorth Africa-pipeline flowsOthers-pipeline flowsLNG Gas Market Report,Q2-2023 PAGE|27 IEA.CC BY 4.0.Gas market update and short-term forecast Global LNG demand moderated in Q1 while remaining strong in EuropeIn Q1 2023 global LNG
141、 imports(net of re-exports)expanded by an estimated 2%y-o-y.LNG imports into the Asia Pacific region increased slightly compared with Q1 2022,up by 0.5%(or 0.4 bcm).The greatest y-o-y declines during the first quarter in volume terms occurred in Japan(down by 2 bcm or 7%y-o-y),India(down by 0.6 bcm
142、or 9%y-o-y),and China(down by 0.3 bcm or 1.4%y-o-y).In contrast,LNG imports increased in South Korea(up by 1.5 bcm or 8%y-o-y),Thailand(up by 0.5 bcm or 18%y-o-y),Singapore(up by 0.4 bcm or 40%y-o-y)and Chinese Taipei(up by 0.3 bcm or 5%y-o-y).LNG imports into Pakistan and Bangladesh remained stable
143、 compared with Q1 2022.After months of year-on-year declines in Chinas LNG imports(net of re-exports),volumes rebounded in February,up by 2%on the same month in 2022 according to ICIS LNG Edge.This was the first time that monthly Chinese LNG imports recorded a year-on-year increase since December 20
144、21.This rebound seemed to be confirmed in March as net LNG imports increased by 11%y-o-y.Although they remained well above historical averages,Asian LNG spot prices fell significantly in Q1 2023 from the record levels reached in the summer of 2022.In the first quarter of 2023 the average JKM spot pr
145、ice was around USD 18/MBtu,compared with USD 30/MBtu in the first quarter of 2022 and having reached USD 70/MBtu at the peak in August 2022.In March 2023 spot LNG prices in Northeast Asia averaged at USD 13/MBtu,encouraging South Asian buyers to return to spot markets via tenders.Meanwhile,Europes n
146、et LNG imports rose by 8%(or 3.5 bcm)y-o-y in Q1 2023 as the continent continued to offset declining Russian pipeline gas supplies,mainly by increasing LNG imports and taking advantage of low gas price levels not seen since August 2021.However,LNG inflows into France dropped by 23%y-o-y in Q1(or 2 b
147、cm)and by 55%y-o-y in March alone,due to a strike at French LNG terminals.Strikes at Dunkerque LNG brought send-out from the terminal to a minimum,closed the jetty for vessel operations and prevented truck loading for 11 days in March.Disruption due to strikes at Fos Cavaou,Fos Tonkin and Montoir-de
148、-Bretagne LNG import terminals started on 7 March and these strikes were extended until 14 April at the time of writing.France accounts for around 12%(or 26 Mt/yr)of Europes total regasification capacity.It became the largest importer of LNG in Europe in 2022,with its LNG imports more than doubling
149、on the previous year.The work stoppages at French LNG terminals have caused vessels to divert to other European ports,mainly to the United Kingdom and Spain,but also to the Netherlands,Trkiye and Greece.Based on ICIS data and analysis,we estimate the total loss of LNG deliveries to France to be betw
150、een 1 bcm and 1.5 bcm for the month of March Gas Market Report,Q2-2023 PAGE|28 IEA.CC BY 4.0.Gas market update and short-term forecast 2023.As a result,France has been forced to lean on its storage inventories.Data from Gas Infrastructure Europe show that French underground storage facilities were 2
151、8%full at the end of March,the lowest fill level among European countries,where the average was 56%.In Q1 2023 Central and South America experienced a sharp decline in LNG demand(down 28%y-o-y or 1 bcm),mainly due to the improved situation for hydropower generation in Brazil which did not receive a
152、single LNG cargo during Q1 and the increasing share of renewables in the power mix in the Dominican Republic.Global LNG supply was up by 2%y-o-y in Q1 2023 measured on an import basis.This was driven by the Asia Pacific region and the Middle East,which saw a year-on-year increase of 5.5%(or 2.6 bcm)
153、and 2%(or 0.7 bcm)in their LNG outputs respectively.Qatar and Indonesia,followed by Australia and Malaysia,were the main contributors to this expansion.In contrast to the first quarter of 2022,the United States experienced a moderate 4%(or 1 bcm)decline in LNG exports,explained by the delayed and on
154、ly partial restart of the Freeport LNG facility following an eight-month outage caused by a fire.LNG exports from Norway recovered from last years first quarter with an increase of 1.5 bcm,reflecting the return to production of the Hammerfest LNG plant,which was offline between September 2020 and Ju
155、ne 2022 following a fire.LNG exports from Russia were down by 9%(or 1 bcm)this quarter compared to the same period in 2022.Sakhalin-II LNGs project operator announced in February 2023 that the plant will move away from the peak-load strategy it has been pursuing in the last few years.Novatek expects
156、 YAMAL LNG production to drop by 5%year-on-year in 2023,the companys top management said at the beginning of February 2023.In 2023 the volume of global LNG trade is set to increase by 4%.LNG supply growth will be primarily supported by the return of the Freeport LNG terminal in the United States,imp
157、roving feedgas availability in Trinidad&Tobago,and the ramp-up of production at Mozambiques Coral South FLNG.Demand growth will be largely driven by Asia.Chinas LNG imports are expected to increase at a rate of 10-15%compared with 2022,while remaining below their 2021 levels.After strong growth in Q
158、1 2023,OECD Europes LNG imports are expected to decline for the remainder of the year amidst lower injection needs and a continued decline in European gas consumption.Gas Market Report,Q2-2023 PAGE|29 IEA.CC BY 4.0.Gas market update and short-term forecast The United States is set to drive LNG suppl
159、y growth in 2023 LNG imports and exports by region,2015-2023 IEA.CC BY 4.0.Source:IEA analysis based on ICIS(2023),ICIS LNG Edge.-800-600-60080020002120222023bcmAfricaAsia PacificCentral and South AmericaEurasiaEuropeMiddle EastNorth AmericaIMPORTSEXPORTSActualFor
160、ecast Gas Market Report,Q2-2023 PAGE|30 IEA.CC BY 4.0.Gas market update and short-term forecast Not feeling the heat:Gas prices moderated significantly during the 2022/23 winterUnseasonably mild weather,lower gas demand and improving supply fundamentals weighed on spot gas prices across all key gas
161、markets during the 2022/23 winter.By the end of Q1 2023,Asian spot LNG and European hub prices had fallen below their summer 2021 levels,albeit remaining well above their historic averages.In Europe,Title Transfer Facility(TTF)spot prices averaged USD 23/MBtu during the 2022/23 heating season almost
162、 30%below the levels experienced in the previous winter.Gas prices on the TTF declined by almost 70%between mid-December 2022 and the end of March 2023.Unseasonably mild weather conditions,lower-than-expected gas use,strong LNG supply and gas inventory levels standing well above their historic avera
163、ges provided strong downward pressure on European gas prices.TTF spot prices averaged USD 17/MBtu in Q1 2023,a decline of 48%on the same period the year before,although remaining more than three times the historic average of the 2016-2020 period.The TTF retained a premium of USD 2.6/MBtu above the N
164、BP hub in the United Kingdom.This incentivised continued gas exports from the United Kingdom to the European Union over the heating season,totalling at over 7 bcm.By the end of March 2023,TTF month-ahead prices had fallen to USD 13/MBtu,their lowest level since July 2021.Asian spot LNG followed a si
165、milar trajectory to European hub prices,averaging USD 23/MBtu during the 2022/23 heating season around 30%below the levels experienced in the previous winter.Less competition from Europe together with easing regional supply-demand fundamentals provided downward pressure on prices.Spot LNG prices dec
166、lined by 65%from mid-December 2022,falling to almost USD 12/MBtu at the end of March 2023 a level close to the estimated price range of oil-indexed Asian LNG.In the United States,Henry Hub prices averaged USD 4/MBtu in the 2022/23 heating season,almost 15%below the levels experienced during the prev
167、ious winter.Strong growth in domestic production combined with lower gas demand amid an unseasonably mild winter put downward pressure on gas prices.Henry Hub prices averaged USD 2.6/MBtu in Q1 2023,their lowest Q1 level since 2020.Forward curves as of the end of April 2023 indicate that TTF is set
168、to average USD 15/MBtu in 2023,with Asian spot LNG averaging just below USD 15/MBtu and Henry Hub averaging USD 2.6/MBtu.The price spread between TTF and Asian spot LNG is expected to tighten significantly in 2023.Gas Market Report,Q2-2023 PAGE|31 IEA.CC BY 4.0.Gas market update and short-term forec
169、ast Asian spot LNG and TTF prices are expected to remain above their historic averages in 2023 IEA.CC BY 4.0.Sources:IEA analysis based on CME(2023),Henry Hub Natural Gas Futures Quotes,Dutch TTF Natural Gas Month Futures Settlements;CME Group(2023),LNG Japan/Korea Marker(Platts)Futures Settlements;
170、EIA(2023),Henry Hub Natural Gas Spot Price;ICIS(2023),ICIS LNG Edge;Powernext(2023),Spot Market Data.0 20 40 60Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q42020202120222023USD/MBtuTTFHenry HubAsian spot LNGMain spot and forward natural gas prices,2020-2023 Gas Market Report,Q2-2023 PAGE|32 IEA.CC BY 4.0.Gas mark
171、et update and short-term forecast Mild winter and low gas demand depressed storage withdrawals over the 2022/23 winter seasonThe steep decline in natural gas demand depressed storage withdrawals in Europe and the United States over the 2022/23 winter season.Storage sites closed the heating season wi
172、th inventory levels standing well above their five-year average.This is expected to reduce injection demand during the summer of 2023,easing market fundamentals.In the European Union gas inventory levels had reached 95%of their working storage capacity by mid-November,standing 9%(or 8 bcm)above thei
173、r five-year average.The steep drop in natural gas demand combined with continued strong LNG inflow reduced the call for storage withdrawals.Net storage withdrawals stood 38%(or 20 bcm)below their five-year average during the 2022/23 heating season and totalled 32 bcm.Altogether,net storage withdrawa
174、ls met around 15%of EU gas demand over the 2022/23 heating season,compared with 20%during the previous winter.These average values hide the critical role of gas storage in ensuring gas supply adequacy during peak days:storage met over 40%of EU gas demand during the coldest winter days in early Decem
175、ber 2022 and late January 2023.As a consequence of the below average net withdrawals,EU storage sites closed the 2022/23 heating season 55%full and with inventory levels standing 67%(or 22 bcm)above their five-year average.Hence,storage injections equal to half of last years(around 35 bcm)would suff
176、ice to reach the European Unions 90%fill level target by the start of the 2023/24 heating season.Lower injection demand over summer 2023 could potentially contribute to an easing of market fundamentals.In Ukraine gas inventory levels at the end of March 2023 were estimated at 9 bcm(around 29%of work
177、ing storage capacity).Ukraine has a target to build up gas storage of 15 bcm by the start of the 2023/24 heating season.In the United States storage sites were 80%full at the beginning of November,well aligned with their five-year average.Unseasonably mild weather conditions combined with a strong i
178、ncrease in domestic production reduced storage withdrawals.Net storage withdrawals stood almost 30%(or 15 bcm)below their five-year average during October 2022-March 2023,and met approximately 7%of US gas demand during this period.As a consequence of below average draw on storage,US storage sites cl
179、osed the 2022/23 heating season 43%full,standing 20%(or 12 bcm)above their five-year average.In Japan and Korea closing LNG stocks stood 47%(or 4 bcm)above their five-year average in January 2023.The LNG stocks of Japans largest power generation companies stood at 2.6 Mt(3.6 bcm)at end of March 2023
180、,25%above their five-year average.Gas Market Report,Q2-2023 PAGE|33 IEA.CC BY 4.0.Gas market update and short-term forecast Storage levels closed the 2022/23 heating season well above their five-year average IEA.CC BY 4.0.Sources:IEA analysis based on EIA(2023),Weekly Working Gas In Underground Stor
181、age;GIE(2023),AGSI+Database;IEA(2023),Monthly Gas Data Service.United States underground storage inventory European Union underground storage inventory Japan and Korea LNG stock inventory Gas Market Report,Q2-2023 PAGE|34 IEA.CC BY 4.0.Gas market update and short-term forecast In the European Union
182、storage injections equal to half of last years would suffice to reach 90%fill levels by the start of the 2023/24 heating season IEA.CC BY 4.0.Source:IEA analysis based on GIE(2023),AGSI+Database.0 20 40 60 8020000222023bcmStorage injectionsTen-year averageInjections
183、needed to reach 90%fill levels in 2023Injections to reach 95%Gas storage injections,European Union,2013-2023 Gas Market Report,Q2-2023 PAGE|35 IEA.CC BY 4.0.Spotlight on e-methane Spotlight on e-methane Gas Market Report,Q2-2023 PAGE|36 IEA.CC BY 4.0.Spotlight on e-methane E-methane:A gas fit for ne
184、t zero?Being interchangeable with natural gas,e-methane2 could play a significant role in decarbonising existing gas networks without the need for retrofitting,while enhancing the seasonal and short-term flexibility of future energy systems.E-methanes high production costs require further technologi
185、cal development and policy support,including through closer dialogue between future producers and consumers.E-methane is underpinned by a complex value chain E-methane is produced through a two-step process:low-emission electricity is converted via electrolysis into hydrogen,which is then reacted wi
186、th a carbon source to obtain e-methane(methanation).Two main methanation technologies are available for demonstration:Catalytic methanation is enabled by catalysts operating at high temperature(200-700C)and under high pressure(1-100 bar).Several demonstration projects rely on catalytic methanation,w
187、ith the process having achieved a Technology Readiness Level of 7.3 The system efficiency of catalytic methanation is around 80%.2 E-methane refers to synthetic methane produced from electrolytic hydrogen.The definition of low-emission synthetic methane used by the IEA for analytical purposes in its
188、 reports considers that any carbon inputs,e.g.from CO2,are not from fossil fuels or process emissions.Beyond this definition,a commercial proposition for carbon-neutral e-methane could consider the use of CO2 Biological methanation is carried out at comparatively low temperatures(30-70C)and pressure
189、s.The conversion of hydrogen and CO2 is enabled by microorganisms.This technology is not commercially available yet and is expected to have a lower efficiency compared with catalytic methanation,around 55-60%.The overall e-methane production process presents substantial efficiency losses.Approximate
190、ly half of the primary energy supplied is lost during the two-step conversion process.Moreover,its production and usage require the development of a separate carbon value chain and emission accounting system(to ensure its carbon neutrality).Similarly to natural gas,e-methane can be liquefied,which w
191、ould result in an additional 10%energy loss.Liquefied e-methane could enable the development of long-distance trade routes(similar to the global LNG trade)and support the decarbonisation of maritime transport.resulting in high production costs The complex value chain underpinning the production of e
192、-methane means that both investment costs and operational expenses are high.Current e-methane production costs are estimated to be captured at industrial or power plants and offset through carbon credits(similar to the commercial offers of carbon-neutral LNG).3 Of the 11 Technology Readiness Levels(
193、TRLs),with 1 being the lowest,TRL 7 refers to pre-commercial demonstration of a prototype.Gas Market Report,Q2-2023 PAGE|37 IEA.CC BY 4.0.Spotlight on e-methane in the range of USD 50-200/MBtu.Bringing down the cost of low-emission electricity and hydrogen production will be crucial to enhance the c
194、ost-competitiveness of e-methane.The levelised cost of renewables-based low-emission hydrogen is currently in the range of USD 3-9/kg H2(USD 25-80/MBtu).Under the Announced Pledges Scenario(APS),renewable electrolytic hydrogen production costs could be in the range of USD 1.3-6/kg H2(USD 12-53 MBtu)
195、by 2030 and USD 1-4/kg H2(USD 8-34 MBtu)by 2050.The strong decline in the levelised cost of low-emission hydrogen production relates to several factors,including decreasing electrolysis and renewable technology costs.For example,we estimated that the total cost of installing a European or American m
196、anufactured electrolyser in 2021 was about USD 1 500/kW,and that it could fall to below USD 400/kW by 2030 and to below 300/kW by 2050 in the Announced Pledges Scenario.Considering the additional investment required in methanation systems,the efficiency losses and the expenses related to CO2 sourcin
197、g,e-methane production costs are substantially higher compared with low-emission hydrogen.Depending on the carbon source,the production cost of synthetic methane can be 70-160%higher than the cost of the hydrogen used as input.The CAPEX for catalytic methanation systems is estimated at around USD 10
198、00/kW.The CAPEX of methanation systems could decline to below USD 850/kW by 2030 and to around USD 500/kW by 2050.Together with the cost reductions projected for DAC and bioenergy with carbon capture(BECC),e-methane production costs could decline to a range of USD 25-110/MBtu by 2030 in the APS.E-me
199、thane can play a key role in future market coupling E-methane is almost identical to natural gas in its chemical and physical properties.As such,it is suitable for use in existing gas infrastructure including end-use appliances without requiring any substantial repurposing,unlike the case of pure hy
200、drogen.This could lead to significant cost savings.E-methane could also use existing or planned LNG liquefaction and regasification infrastructure.In contrast,there are limited options to repurpose existing or planned LNG infrastructure for hydrogen service,as it would require substantial modificati
201、on of most equipment including storage tanks,which represent the majority of the investment cost of LNG import terminals.A newly constructed liquid hydrogen storage tank can be 50%more expensive than an LNG tank with a comparable volume,and the energy stored would be almost 60%lower given the lower
202、volumetric density.Moreover,the typical foam insulation used for LNG pipelines are unsuitable for liquid hydrogen,which instead require vacuum insulation,hiking pipeline costs by five to ten times per unit of length.Liquefied e-methane could be transported via the existing LNG carrier fleet(around 6
203、00 ships with a collective value of USD 80 billion),an option not available in the case of low-emission hydrogen.Gas Market Report,Q2-2023 PAGE|38 IEA.CC BY 4.0.Spotlight on e-methane E-methane also has a wider range of storage options compared with hydrogen.Besides salt caverns,it could also be sto
204、red in porous formations in gaseous form(an option still being investigated for pure hydrogen)and in LNG storage tanks(an option that is unlikely to be available for pure hydrogen).Hence,e-methane could play a key role in meeting seasonal or short-term energy demand swings.In addition,synthetic meth
205、ane would enable the coupling of methane and hydrogen networks,i.e.surplus hydrogen could be converted into synthetic methane before being injected into the methane system.Considering the higher energy density of e-methane in gaseous form,it could have an operational advantage over hydrogen in sever
206、al areas where natural gas is already widely adopted,including district heating,high-temperature industrial process and fertiliser production.Gas Market Report,Q2-2023 PAGE|39 IEA.CC BY 4.0.Spotlight on e-methane E-methane is characterised by a complex value chain with substantial efficiency losses
207、IEA.CC BY 4.0.Simplified scheme showing e-methane production Gas Market Report,Q2-2023 PAGE|40 IEA.CC BY 4.0.Spotlight on e-methane E-methanes high production costs require further technological development and policy support IEA.CC BY 4.0.0 50 100 150 200Solar PVelectrolysisOnshore windelectrolysis
208、Offshore windelectrolysisSolar PVelectrolysisOnshore windelectrolysisOffshore windelectrolysis20212030USD/MBtuEstimated level cost of synthetic methane production,2021 vs.2030 Gas Market Report,Q2-2023 PAGE|41 IEA.CC BY 4.0.Spotlight on e-methane Japan:A first mover in the e-methane space Recognisin
209、g the benefits of e-methane,Japan is considering methanation as a key component of its strategy to decarbonise its gas supply.The countrys 6th Strategic Energy Plan set a target for synthetic methane to comprise 1%of the gas supply in existing networks by 2030,increasing to 90%by 2050.Japan aims to
210、reduce e-methane costs to JPY 120 per normal cubic metre(Nm3)(USD 25/MBtu)by 2030,and down further to JPY 50/Nm3(USD 10/MBtu)by 2050.The countrys Strategic Energy Plan aims to ramp up annual e-methane supply to 0.28 Mt(or 0.38 bcm/yr)by 2030 and 25 Mt(or 34 bcm/yr)by 2050.This amount excludes direct
211、 hydrogen,biogas and other direct uses of non-fossil fuels.The strategy highlights the importance of a closer co-operation between the various stakeholders on the supply and the demand side in decarbonising gas.To foster the development of e-methane,a Public-Private Council for the Promotion of Meth
212、anation was established in June 2021.Japan funds e-methane projects through the New Energy and Industrial Technology Development Organization(NEDO).NEDO provides R&D funding and financial support for demonstration projects under their Green Innovation(GI)Fund.In 2017 NEDO launched a five-year progra
213、mme worth JPY 1.9 billion(around USD 14 million)to research and demonstrate the viability of methanation technologies as a means to reduce emissions while continuing to use existing gas networks.Japans Green Transformation(GX)programme is set to provide another major funding boost for technologies t
214、hat produce low-emission hydrogen,ammonia and e-methane.Several Japanese enterprises have embarked on e-methane production projects.Tokyo Gas started a 12.5 m3/hr demonstration project in Yokohama in March 2022.The company has a target to produce 80 million m3/yr of e-methane by 2030.Osaka Gas is de
215、veloping a prototype with 0.1 m3/hr capacity,with plans to enter the demonstration phase in 2028-2030 at 400 m3/hr.The company has a target to produce 60 million m3/yr of synthetic methane by 2030.INPEX and Osaka Gas are developing Japans largest methanation project in Nagoya.The project is expected
216、 to be launched by the second half of FY 2024/25,with production expected to ramp up to 400 m3/hr by FY 2025/26.There are plans to increase output to 10 000 m3/hr in the pilot phase and 60 000 m3/hr if the project reaches the commercial phase.Most recently,JFE Steel Corporation awarded IHI Corporati
217、on an order for the worlds largest methanation system in December Gas Market Report,Q2-2023 PAGE|42 IEA.CC BY 4.0.Spotlight on e-methane 2022,after being selected by the GI Fund.The plant will be able to produce 500 m3/hr of e-methane by using 24 tonnes of CO2 per day from exhaust gas derived from a
218、 test blast furnace.Operations are scheduled to begin in 2024.In addition to domestic demonstration projects,Japanese utilities and trading houses have started jointly exploring the feasibility of developing e-methane supply chains with LNG exporting countries.While no binding agreements have been r
219、eached yet,these recent project proposals could potentially enable 0.4 Mt/yr(or 0.55 bcm/yr)of e-methane imports into Japan by 2030.This would equate to around 0.6%of Japans natural gas consumption in 2022.Projects include the agreement between Tokyo Gas,Osaka Gas,Toho Gas and Mitsubishi Corporation
220、 to conduct a feasibility study of the production of e-methane at the Cameron LNG terminal in the United States.The companies intention is to export 130 000 t/yr of synthetic methane by 2030.Similarly,Osaka Gas,Tallgrass Energy and Green Plains agreed in December 2022 to conduct a joint feasibility
221、study on synthetic methane production.The firms aim to produce up to 200 000 t/yr of synthetic methane by 2030 and export it to Japan from the Freeport LNG export terminal in the United States.Most recently,Osaka Gas Australia and Santos agreed in March 2023 on pre-front end engineering and design w
222、ork for a demonstration-scale project to produce e-methane from low-emission hydrogen in Australia.The two companies aim to reach a final investment decision in 2026 and export about 60 000 tonnes of e-methane annually by 2030.A non-exhaustive list of key international e-methane projects supported b
223、y Japanese companies is provided at the end of this section.Gas Market Report,Q2-2023 PAGE|43 IEA.CC BY 4.0.Spotlight on e-methane Japan has set a target for e-methane to meet 90%of its city gas supply by 2050 IEA.CC BY 4.0.Source:IEA analysis based on Japans 6th Strategic Energy Plan.City gas consu
224、mption of gaseous fuels,2030 City gas consumption of gaseous fuels,2050 E-methaneOther carbon-neutralgasesNatural gasE-methaneDirecthydrogen useBiomethaneand othermeasuresGas Market Report,Q2-2023 PAGE|44 IEA.CC BY 4.0.Spotlight on e-methane Japan is actively developing international value chains fo
225、r e-methane Companies involved Potential import country Year of agreement Potential import volumes Description of the project Tokyo Gas,Sumitomo Corporation and Petronas Malaysia 2021 N/A A joint feasibility study on potential e-methane production in Malaysia.The renewable hydrogen-derived methane p
226、roduced in Malaysia would be liquefied and transported to Japan in LNG carriers using existing facilities.INPEX and Osaka Gas N/A 2021 N/A Study on the commercial feasibility of importing e-methane into Japan and evaluation of policies on the domestic environmental value of importing e-methane produ
227、ced abroad.JERA United States 2021 N/K JERA secured a grant of around USD 0.45 million from NEDO to conduct a feasibility study on producing a CO2-free LNG from e-methane in the United States.Osaka Gas Australia and ATCO Australia Australia 2021 N/A A memorandum of understanding to undertake a joint
228、 feasibility study of a methanation pilot plant for the production of e-methane.Toyota Tsusho,Toho Gas and TotalEnergies N/A 2022 N/A An agreement to commence a business feasibility study of establishing hydrogen and e-methane supply chains into Japan.Marubeni and Osaka Gas Peru 2022 N/K A project t
229、o study the production of e-methane in Peru and its delivery to Japan.Tokyo Gas,Osaka Gas and Shell N/A 2022 N/A Separate memorandums of understanding to explore potential opportunities to accelerate decarbonisation across their respective production value chains,including via renewables-based synth
230、etic gas.Tokyo Gas,Osaka Gas,Toho Gas and Mitsubishi Corporation United States 2022 0.13 Mt/yr by 2030 An agreement to conduct a feasibility study of the production of e-methane at the Cameron LNG terminal in the United States.E-methane supply could reach 0.13 Mt/yr by 2030.Osaka Gas,Tallgrass Energ
231、y and Green Plains United States 2022 0.2 Mt/yr by 2030 Agreement to conduct a feasibility study on synthetic methane production at the Freeport LNG export terminal in the United States.IHI Corporation and Pertamina Indonesia 2022 N/K Memorandum of understanding to undertake a feasibility study on e
232、-methane production in Indonesia.Aiming to start commercial operations by 2030.Osaka Gas Australia and Santos Australia 2023 0.06 Mt/yr by 2030 Pre-front end engineering and design work on a demonstration-scale project to produce e-methane from low-emission hydrogen in Australia.The two companies ai
233、m to make a final investment decision in 2026.IEA.CC BY 4.0.Notes:N/A=not applicable;N/K=not known.Gas Market Report,Q2-2023 PAGE|45 IEA.CC BY 4.0.Annex Annex Gas Market Report,Q2-2023 PAGE|46 IEA.CC BY 4.0.Annex Summary table World natural gas consumption and production by region and key country(bc
234、m)Consumption Production 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Africa 164 161 169 164 168 252 241 262 251 262 Asia Pacific 829 834 891 877 905 630 626 651 659 666 of which China 307 325 367 364 388 174 189 205 218 228 Central and South America 156 142 153 151 149 167 150 148 152 154 Eura
235、sia 608 584 634 610 610 921 866 961 873 820 of which Russia 482 460 501 475 476 738 692 762 672 620 Europe 590 576 609 524 498 249 230 222 230 226 Middle East 543 547 562 575 588 668 669 693 712 727 North America 1 104 1 079 1 091 1 145 1 122 1 164 1 145 1 183 1 230 1 250 of which United States 886
236、868 874 921 899 968 954 984 1020 1040 World 3 993 3 924 4 109 4 046 4 041 4 051 3 927 4 120 4 108 4 105 Gas Market Report,Q2-2023 PAGE|47 IEA.CC BY 4.0.Annex Regional and country groupingsAfrica Algeria,Angola,Benin,Botswana,Cameroon,Congo,Democratic Republic of the Congo,Cte dIvoire,Egypt,Eritrea,E
237、thiopia,Gabon,Ghana,Kenya,Libya,Morocco,Mozambique,Namibia,Nigeria,Senegal,South Africa,Sudan,United Republic of Tanzania,Togo,Tunisia,Zambia,Zimbabwe and other countries and territories.1 Asia Pacific Australia,Bangladesh,Brunei Darussalam,Cambodia,Chinese Taipei,India,Indonesia,Japan,Korea,the Dem
238、ocratic Peoples Republic of Korea,Malaysia,Mongolia,Myanmar,Nepal,New Zealand,Pakistan,the Peoples Republic of China,2 the Philippines,Singapore,Sri Lanka,Thailand,Viet Nam and other countries and territories.3 Central and South America Argentina,Bolivia,Brazil,Chile,Colombia,Costa Rica,Cuba,the Dom
239、inican Republic,Ecuador,El Salvador,Guatemala,Haiti,Honduras,Jamaica,Netherlands Antilles,Nicaragua,Panama,Paraguay,Peru,Trinidad and Tobago,Uruguay,Venezuela and other countries and territories.4 Eurasia Armenia,Azerbaijan,Georgia,Kazakhstan,Kyrgyzstan,the Russian Federation,Tajikistan,Turkmenistan
240、 and Uzbekistan.Europe Albania,Austria,Belarus,Belgium,Bosnia and Herzegovina,Bulgaria,Croatia,Cyprus,5,6 the Czech Republic,Denmark,Estonia,Finland,the Former Yugoslav Republic of North Macedonia,France,Germany,Gibraltar,Greece,Hungary,Iceland,Ireland,Italy,Kosovo,7 Latvia,Lithuania,Luxembourg,Malt
241、a,the Republic of Moldova,Montenegro,the Netherlands,Norway,Poland,Portugal,Romania,Serbia,the Slovak Republic,Slovenia,Spain,Sweden,Switzerland,Republic of Trkiye,Ukraine and the United Kingdom.European Union Austria,Belgium,Bulgaria,Croatia,Cyprus,5,6 the Czech Republic,Denmark,Estonia,Finland,Fra
242、nce,Germany,Greece,Hungary,Ireland,Italy,Latvia,Lithuania,Luxembourg,Malta,the Netherlands,Poland,Portugal,Romania,the Slovak Republic,Slovenia,Spain and Sweden.Middle East Bahrain,the Islamic Republic of Iran,Iraq,Israel,8 Jordan,Kuwait,Lebanon,Oman,Qatar,Saudi Arabia,the Syrian Arab Republic,the U
243、nited Arab Emirates and Yemen.North Africa Algeria,Egypt,Libya,Morocco and Tunisia.North America Canada,Mexico and the United States.1 Individual data are not available and are estimated in aggregate for:Burkina Faso,Burundi,Cape Verde,the Central African Republic,Chad,Comoros,Djibouti,Equatorial Gu
244、inea,Gambia,Guinea,Guinea-Bissau,Lesotho,Liberia,Madagascar,Malawi,Mali,Mauritania,Mauritius,Niger,Reunion,Rwanda,Sao Tome and Principe,Seychelles,Sierra Leone,Somalia,Swaziland and Uganda.2 Including Hong Kong.3 Individual data are not available and are estimated in aggregate for:Afghanistan,Bhutan
245、,Cook Islands,Fiji,French Polynesia,Kiribati,the Lao Peoples Democratic Republic,Macau(China),Maldives,New Caledonia,Palau,Papua New Guinea,Samoa,Solomon Islands,Timor-Leste,Tonga and Vanuatu.4 Individual data are not available and are estimated in aggregate for:Antigua and Barbuda,Aruba,Bahamas,Bar
246、bados,Belize,Bermuda,British Virgin Islands,Cayman Islands,Dominica,Falkland Islands(Malvinas),French Guyana,Grenada,Guadeloupe,Guyana,Martinique,Montserrat,St Kitts and Nevis,St Lucia,St Vincent and the Grenadines,Suriname and Turks and Caicos Islands.5 Note by the Republic of Trkiye.The informatio
247、n in this document with reference to“Cyprus”relates to the southern part of the Island.There is no single authority representing both Turkish and Greek Cypriot people on the Island.The Republic of Trkiye recognises the Turkish Republic of Northern Cyprus(TRNC).Until a lasting and equitable solution
248、is found within the context of the United Nations,The Republic of Trkiye shall preserve its position concerning the“Cyprus issue”.6.Note by all the European Union Member States of the OECD and the European Union The Republic of Cyprus is recognised by all members of the United Nations with the excep
249、tion of Trkiye.The information in this document relates to the area under the effective control of the Government of the Republic of Cyprus.7 The designation is without prejudice to positions on status,and is in line with the United Nations Security Council Resolution 1244/99 and the Advisory Opinio
250、n of the International Court of Justice on Kosovos declaration of Independence.8 The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities.The use of such data by the OECD and/or the IEA is without prejudice to the status of the Golan Heights,Ea
251、st Jerusalem and Israeli settlements in the West Bank under the terms of international law.Gas Market Report,Q2-2023 PAGE|48 IEA.CC BY 4.0.Annex Abbreviations and acronymsANP National Petroleum Agency(Brazil)BMC Colombian Mercantile Exchange(Colombia)CME Chicago Mercantile Exchange(United States)CNE
252、 National Energy Commission(Chile)CQPGX Chongqing Petroleum Exchange(the Peoples Republic of China)EIA Energy Information Administration(United States)ENARGAS National Gas Regulatory Entity(Argentina)ENTSOG European Network of Transmission System Operators for Gas EPIAS Energy Markets Operations Inc
253、.(Republic of Trkiye)EPPO Energy Policy and Planning Office(Thailand)EU European Union EUR Euro FID final investment decision GIE Gas Infrastructure Europe GX Green Transformation programme(Japan)HH Henry Hub IEA International Energy Agency ICE Intercontinental Exchange ICIS Independent Chemical Inf
254、ormation Services IEA International Energy Agency JKM Japan Korea Marker JODI Joint Oil Data Initiative JPY Japanese yen LNG liquefied natural gas METI Ministry of Economy,Trade and Industry(Japan)MME Ministry of Mines and Energy(Brazil)NBP National Balancing Point(United Kingdom)NDRC National Devel
255、opment and Reform Commission(the Peoples Republic of China)OECD Organisation for Economic Co-operation and Development ONS National Electric System Operator(Brazil)OSINERG Energy Regulatory Commission(Peru)PPAC Petroleum Planning and Analysis Cell(India)TTF Title Transfer Facility(the Netherlands)US
256、D United States dollar y-o-y year-on-year Units of measure bcf billion cubic feet bcf/d billion cubic feet per day bcm billion cubic metres bcm/yr billion cubic metres per year GJ gigajoule GW gigawatt kWh kilowatt hour MBtu million British thermal units Mt million tonnes Mt/yr million tonnes per ye
257、ar m3/hr cubic metres per hour m3/yr cubic metres per year Nm3 normal cubic metre TWh terawatt hour t/yr tonnes per year Gas Market Report,Q2-2023 PAGE|49 IEA.CC BY 4.0.Annex Acknowledgements,contributors and creditsThis publication has been prepared by the Gas,Coal and Power Markets Division(GCP)of
258、 the International Energy Agency(IEA).The analysis was led and co-ordinated by Jean-Baptiste Dubreuil and Gergely Molnr.Louis Chambeau,Jean-Baptiste Dubreuil,Carole Etienne and Gergely Molnr are the main authors,with contributions from Tetsuro Hattori,Akos Lsz and Hiro Sakaguchi.Megumi Kotani(HAF)co
259、-authored the section on e-methane.Jose Miguel Bermudez Menendez(HAF)and Francesco Pavan(HAF)provided guidance on e-methane.Eren Cam,Carlos Fernandez Alvarez and Javier Jorquera provided support.Keisuke Sadamori,Director of the IEA Energy Markets and Security(EMS)Directorate,provided expert guidance
260、 and advice.Timely and comprehensive data from the Energy Data Centre were fundamental to the report.The IEA Communication and Digital Office(CDO)provided production and launch support.Particular thanks go to Jad Mouawad and his team:Poeli Bojorquez,Astrid Dumond,Oliver Joy,Jethro Mullen,Isabelle No
261、nain-Semelin,Charner Ramsey,Clara Vallois and Therese Walsh.Justin French-Brooks edited the report.The report was made possible by assistance from Tokyo Gas.The individuals and organisations that contributed to this report are not responsible for any opinion or judgement it contains.Any error or omi
262、ssion is the sole responsibility of the IEA.For questions and comments,please contact GCP(gcpiea.org)or Gergely Molnr(Gergely.Molnariea.org).Annex International Energy Agency(IEA)This work reflects the views of the IEA Secretariat but does not necessarily reflect those of the IEAs individual member
263、countries or of any particular funder or collaborator.The work does not constitute professional advice on any specific issue or situation.The IEA makes no representation or warranty,express or implied,in respect of the works contents(including its completeness or accuracy)and shall not be responsibl
264、e for any use of,or reliance on,the work.Subject to the IEAs Notice for CC-licenced Content,this work is licenced under a Creative Commons Attribution 4.0 International Licence.This document and any map included herein are without prejudice to the status of or sovereignty over any territory,to the d
265、elimitation of international frontiers and boundaries and to the name of any territory,city or area.Unless otherwise indicated,all material presented in figures and tables is derived from IEA data and analysis.IEA Publications International Energy Agency Website:www.iea.org Contact information:www.iea.org/about/contact Typeset in France by the IEA May 2023 Cover design:IEA Photo credits:Shutterstock