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1、Wholesale Gas Price Survey 2023 EditionA Global Review of Price Formation Mechanisms2005 to 20222WHOLESALE GAS PRICE SURVEY 2023 EDITIONPRESIDENTS MESSAGE 5Section 1:EXECUTIVE SUMMARY 6Section 2:INTRODUCTION 13 2.1 Background 14 2.2 Types of price formation and mechanisms 14 2.3 Analysing the result
2、s 15 2.4 Report layout 15Section 3:WORLD RESULTS 16 3.1 Introduction 17 3.2 Domestic Production 17 3.2.1 2022 Survey Results-Domestic Production 17 3.2.2 2005 to 2022 Comparisons-Domestic Production 18 3.3 Pipeline Imports 19 3.3.1 2022 Survey Results-Pipeline Imports 19 3.3.2 2005 to 2022 Compariso
3、ns-Pipeline Inmports 21 3.4 LNG Imports 22 3.4.1 2022 Survey Results-LNG imports 22 3.4.2 2005 to 2022 Comparisons-LNG Imports 23 3.5 Total Imports 27 3.5.1 2022 Survey Results-Total Imports 27 3.5.2 2005 to 2022 Compaarisons-Total Imports 28 3.6 Total Consumption 29 3.6.1 2022 Survey Results-Total
4、Consumption 29 3.6.2 2005 to 2022 Comparisons-Total Consumption 32 3.7 Analysis of Gas-On-Gas Compeition And Oil price Escalation 37 3.7.1 Gas-On-Gas Competition 37 3.7.2 Change in GOG and OPE by Consumption Category 38 3.7.3 Where are the main OPE areas?40Section 4:WHOLESALE PRICE LEVELS 42 4.1 Int
5、roduction 43 4.2 2022 Survey Results 43 4.2.1 Price Levels by Price Formation Mechanism 43 4.2.2 Price Levels by Region and Country 44 4.3 Comparisons 2005 to 2022 46 4.3.1 Changes in Wholesale Prices by Price Formation Mechanisms 46 4.3.2 Changes in Wholesale Prices by Region 47 4.4 Analysing the P
6、ost-Covid Rise in Gas Prices 48 Section 5:GLOBAL GAS PRICE CONVERGENCE 53 5.1 Introduction 54 5.2 Measuring Price Convergence 54 5.3 Price Convergence Using The Survey Data 54 5.4 Conclusions 60Appendix A:REGIONAL RESULTS 61Appendix B:SURVEY METHODOLOGY 82Appendix C:GLOSSARY 88Contents3WHOLESALE GAS
7、 PRICE SURVEY 2023 EDITIONFigure 1 World Price Formation 2005 to 2022 Total Consumption 8 Figure 2 Wholesale Price Formation Mechanisms Map 9Figure 3 World Price Formation 2005 to 2022 LNG Imports 10Figure 4 Spot LNG Imports 2005 to 2022 11Figure 5 Wholesale Price Levels 2005 to 2022 by Region 12Fig
8、ure 6 World Price Formation 2022 Domestic Production 17Figure 7 Regional Price Formation 2022 Domestic Production 18Figure 8 World Price Formation 2005 to 2022 Domestic Production 19Figure 9 World Price Formation 2022 Pipeline Imports 20Figure 10 Regional Price Formation 2022 Pipeline Imports 20Figu
9、re 11 World Price Formation 2005 to 2022 Pipeline Imports 21Figure 12 World Price Formation 2022 LNG Imports 22Figure 13 Regional Price Formation 2022 LNG Imports 23Figure 14 World Price Formation 2005 to 2022 LNG Imports 24Figure 15 GOG LNG Imports 2005 to 2022 25Figure 16 World LNG Price Formation
10、 2005 to 2022 Spot LNG Imports 25Figure 17 GOG Spot LNG Imports 2005 to 2022 26Figure 18 World Price Formation 2022 Total Imports 27Figure 19 World Price Formation 2005 to 2022 Total Imports 28Figure 20 World Price Formation 2022 Total Consumption 29Figure 21 Regional Price Formation 2022 Total Cons
11、umption 30Figure 22 Wholesale Price Formation Mechanisms Map 31Figure 23 World Price Formation 2005 to 2022 Total Consumption 32Figure 24 Market and Regulated Pricing 2005 to 2022 36Figure 25 Changes in GOG in Total Consumption by Type 2005 to 2022 38Figure 26 Changes in GOG by Consumption Category
12、2005 to 2022 39Figure 27 Changes in OPE by Consumption Category 2005 to 2022 39Figure 28 OPE Domestic Production 40Figure 29 OPE Pipeline Imports 41Figure 30 OPE LNG Imports 41Figure 31 Wholesale Prices in 2022 by Price Formation Mechanism 43Figure 32 Wholesale Prices in 2022 by Region 44Figure 33 W
13、holesale Prices in 2022 by Market 45Figure 34 Wholesale Price Levels 2005 to 2022 by Price Formation Mechanism 46Figure 35 Wholesale Price Levels 2005 to 2022 by Region 47Figure 36 Spot Prices 2019 to 2023 49Figure 37 Wholesale Price Heat Map 2022 51Figure 38 Change in Demand Map 2022 v 2021 51Figur
14、e 39 Wholesale Price Level and Change in Demand 2022 52Figure 40 Average Price and Standard Deviation of the Full Dataset 55Figure 41 Global Gas Price Variation Trend 55Figure 42 Price Convergence for Gas Importing Markets 56Figure 43 Price Convergence for Market Related Prices 56Figure 44 Price Con
15、vergence Dynamic for Non-Market and Market Related Prices 57Figure 45 Price Convergence for OPE Prices 57Figure 46 Number of Markets where OPE or GOG is the Majority Mechanism 58Figure 47 Price Convergence for Market Related and GOG Prices 58Figure 48 Price Convergence for OPE and GOG Prices 59Figur
16、e 49 Price Convergence for Europe 59Figure 50 Price Convergence for Pipeline and LNG Importing Countries 60Figure 51 North America Price Formation 2022 62Figure 52 North America Price Formation 2005 to 2022 63Figure 53 Europe Price Formation 2022 64Figure 54 Europe Price Formation 2005 to 2022 65Fig
17、ure 55 Northwest Europe Price Formation 2005 to 2022 66Figures4WHOLESALE GAS PRICE SURVEY 2023 EDITIONFigure 56 Central Europe Price Formation 2005 to 2022 66Figure 57 Mediterranean Price Formation 2005 to 2022 67Figure 58 Southeast Europe Price Formation 2005 to 2022 68Figure 59 Scandinavia and Bal
18、tics Price Formation 2005 to 2022 69Figure 60 Asia Price Formation 2022 70Figure 61 Asia Price Formation 2005 to 2022 71Figure 62 Asia Pacific Price Formation 2022 72Figure 63 Asia Pacific Price Formation 2005 to 2022 73Figure 64 Latin America Price Formation 2022 74Figure 65 Latin America Price For
19、mation 2005 to 2022 75Figure 66 Former Soviet Union Price Formation 2022 76Figure 67 Former Soviet Union Price Formation 2005 to 2022 77Figure 68 Africa Price Formation 2022 78Figure 69 Africa Price Formation 2005 to 2022 79Figure 70 Middle East Price Formation 2022 80Figure 71 Middle East Price For
20、mation 2005 to 2022 81Figure 72 IGU Regions 84Figure 73 Data Collection Form 85Table 1 World Price Formation 2022 Total Imports 27Table 2 World Price Formation 2005 to 2022 Total Import 28Table 3 World Price Formation 2022 Total Consumption 30Table 4 World Price Formation 2005 to 2022 Total Consumpt
21、ion 33Figures5WHOLESALE GAS PRICE SURVEY 2023 EDITIONPresidents MessageWelcome to the 15th annual edition of the flagship International Gas Union Wholesale Gas Price Survey report.This edition continues to show the criticality of a well-functioning global gas market at work,as the gas markets have b
22、een experiencing the most turbulent period in their history amidst a severe global energy crisis and an ongoing war between Russia and Ukraine.The lights stayed on in Europe during 2022 because there was a working global gas market,enabling Europe to attract unprecedented additional volume of LNG to
23、 replace lost Russian pipeline supply volumes.A functioning market allowed to redraw the global gas trade map,without interrupting the global movement of molecules.However,in the tight supply conditions such as we have today,that also unfortunately had impacts on demand,forcing consumers to switch t
24、o more polluting alternatives,or in some cases shut down operations,while the abnormally high prices left some players in the developing parts of the world out of the market completely.The fifteen surveys taken together tell a very compelling story of significant evolution in the wholesale price for
25、mation mechanisms,during a period of key developments and dynamic changes in the global gas markets.The WGPS report series is a unique source of information on global wholesale gas price trends.I congratulate the IGU Strategy Committee which launched the series in 2006 and thank them for bringing th
26、is important insight on the evolution of global gas markets and price mechanisms to life.The International Gas Union is a global voice of the gas industry.IGUs more than 150 members in over 80 countries represent 90%of the global gas market and every segment of the gas value chain,from exploration a
27、nd production of natural gas,low and zero carbon gas and technologies,to transit,pipelines and LNG,and through distribution and final use.Our global cross-segment membership translates into one of the most extensive knowledge networks in the energy industry.Hundreds of professionals from member orga
28、nisations work in the IGU Committees and Task Forces to produce insightful industry reports and to help design the Technical Program of one of the biggest global energy events,the World Gas Conference,with its next edition in Beijing,China,in 2025.The Committees also play a role in shaping the techn
29、ical component of the IGUs two additional flagship global gas events,including the International LNG Conference series and the upcoming International Gas Research Conference(IGRC2024)in Banff,Canada.I hope that you will find the report informative and helpful.Li Yalan President,IGU6WHOLESALE GAS PRI
30、CE SURVEY 2023 EDITIONSection 1Section 1Executive Summary7WHOLESALE GAS PRICE SURVEY 2023 EDITIONThis is the fifteenth IGU Wholesale Gas Price Survey1,which began in 2005.The survey was launched to assess global wholesale price formation mechanisms and track their evolution.It classifies global whol
31、esale price formation mechanisms into nine distinct categories(see table below)and quantifies the share of each mechanism in wholesale2 gas prices across the world.Oil Price Escalation(OPE)The wholesale gas price is linked,usually through a base price and an escalation clause,to competing fuels,typi
32、cally crude oil,gas oil and/or fuel oil.In some cases,coal prices can be used as can electricity prices.Gas-on-Gas Competition(GOG)The wholesale gas price is determined by the interplay of direct gas supply and demand gas-on-gas competition and is traded over a variety of different periods(daily,mon
33、thly,annually or other periods).This includes gas traded on a short-term hub-priced basis and longer-term contracts that use gas price indices to determine the monthly price.Netback from Final Product(NET)The price received by the gas supplier is a function of the price received by the buyer for the
34、 final product the buyer produces.This may occur where the gas is used as a feedstock in chemical plants,such as ammonia or methanol,and is the major variable cost in producing the product.Regulation:Cost of Service(RCS)The price is determined,or approved,formally by a regulatory authority,or possib
35、ly a Ministry,but the level is set to cover the“cost of service”,including the recovery of investment and a reasonable rate of return.Bilateral Monopoly(BIM)The price is determined by bilateral discussions and agreements betweenalargesellerandalargebuyer,withthepricebeingfixed for a period of time t
36、ypically one year.There may be a written contract in place but often the arrangement is at the Government or state-owned company level.Regulation:Social and Political(RSP)The price is set,on an irregular basis on a political/social basis,in response to the need to cover increasing costs,or possibly
37、as a revenue raising exercise a hybrid between RCS and RBC.No Price(NP)The gas produced is either provided free to the population and industry,possibly as a feedstock for chemical and fertilizer plants,or in refinery processes and enhanced oil recovery.The gas produced maybe associated with oil and/
38、or liquids and treated as a by-product.Not Known(NK)No data or evidence.Regulation:Below Cost(RBC)The price is knowingly set below the average cost of producing and transporting the gas often as a form of state subsidy to the population.PRICE FORMATION MECHANISMS1 The survey has been undertaken by M
39、ike Fulwood,Senior Research Fellow,Oxford Institute of Energy Studies,under the guidance of the IGU Strategy Committee.2 The wholesale price would typically be a hub price(e.g.Henry Hub or the NBP),but in markets where there is no hub price,it could typically be a border price,or could be approximat
40、ed by wellhead prices or city-gate prices.Generally,the wholesale price is likely to be determined somewhere between the entry to the main high-pressure transmission system and the exit points to local distribution companies or very large end users.Section 1 Executive Summary8WHOLESALE GAS PRICE SUR
41、VEY 2023 EDITIONKey Findings Wholesale Gas Price FormationSince the start of the survey series,gas markets have been undergoing a significant transformation,with the most important trend being that of the growth of the share of competitively priced via gas-on-gas(GOG)competition,largely at the expen
42、se of oil-price-escalation(OPE)pricing,and forms of regulated pricing.Between 2005 and 2022,the GOG share of global gas consumption nearly doubled from 31.5%to 50%,while the oil-price-escalation(OPE)indexed price mechanism share fell from 24%to 17.5%.Most of the rise in GOG,and decline in OPE,betwee
43、n 2005 and 2017 were driven by changes in pipeline imports in Europe,with OPE almost disappearing in Northwest Europe3 and Central Europe4,thanks in large part to the European energy market reform and liberalisation over that period.3 Belgium,Denmark,France,Germany,Ireland,Luxembourg,Netherlands,UK.
44、4 Austria,Czech Republic,Hungary,Poland,Slovakia,Switzerland.OPEGOGBIMNETRCSRSPRBCNP100%80%60%40%20%0%200520002020212022Figure 1 World Price Formation 2005 to 2022 Total Consumption The remaining enclaves of OPE in Europe are in Turkey,Southeast Europe(including Greece)and the
45、Baltic countries,which are heavily reliant on Russian pipeline gas,plus Spain and Portugal,reliant on Algerian pipeline gas and LNG.Since 2016,the displacement of OPE by GOG,has largely been a result of the rise in GOG pricing share in LNG imports,especially via spot market LNG trade.Section 1 Execu
46、tive Summary Up until 2016,there was a switch away from regulated pricing mechanisms towards the more “market-based”pricing mechanisms such as GOG and OPE.Since then that move has paused,with the key change in pricing mechanisms being in the non-regulated LNG market.Within the regulated categories,t
47、he big changes occurred between 2005 and 2012,seen in a move away from subsidised pricing or regulated below cost(RBC)to higher,but still regulated prices.9WHOLESALE GAS PRICE SURVEY 2023 EDITIONThe map below shows the main price formation mechanism by market.For each market the highest share is use
48、d to categorise the dominant price formation mechanism for that market.OPE and GOG are self-explanatory,regulated covers the 3 categories RCS,RSP and RBC,while Other is predominantly BIM the bilateral monopoly category.Figure 2 Wholesale Price Formation Mechanisms Map 5 Due to the ongoing Russia-Ukr
49、aine war,responses from the Former Soviet union markets were more challenging to obtain,and some data was researched by the author.In the 2022 survey responses were received from 85 out of 113 markets,and these responses covered 91%of the total global gas consumption5.The dramatically changed global
50、 market of 2022 saw the GOG share rise again by 1.5 percentage points,mostly at the expense of the OPE share,rising to over 50%of global gas consumption for the first time.It also reached a new high of 56%as a share of total imported gas volumes.There was a significant rise in the GOG share in Europ
51、e as spot LNG imports increased sharply,and as some of Turkeys contracted pipeline imports from Russia switched to hub pricing away from oil indexation.In addition,the pricing of pipe imports from Algeria into Tunisia changed to GOG from OPE.Spot LNG imports also rose in South Korea and Chinese Taip
52、ei,while rising consumption in Russia also boosted the GOG share.Taken together,these more than offset the decline in GOG in Asia,due to China and Pakistan reducing spot LNG imports.Total global gas imports were down in volume terms,as Russian pipe exports to Europe fell,but the relative shares of O
53、PE and GOG were not impacted much,since the net loss of GOG pipeline imports from Russia was offset by the switch away OPE to GOG in other markets and by the additional volumes of spot LNG into Europe.Gas on gas competitionOil price escalationRegulatedOtherWholesale gas prices 2022CANADAUNITED STATE
54、SGREENLANDICELANDCUBAJAMAICADOMINICA REPUBLICHAITIMEXICOEL SALVADORHONDURASBELIZECOSTA RICANICARAGUAGUATEMALAECUADORPERUBRAZILBOLIVIAURUGUAYPARAGUAYARGENTINACHILESOUTH AFRICAMADAGASCARANGOLANAMIBIABOTSWANAZIMBABWEDR CONGOCONGOGABONEQUATORIALGUINEACAMEROONCENTRALAFRICANREP NIGERIANIGERMALIALGERIALIBY
55、AEGYPTSUDANSOUTHSUDANCHADTURKEYMOROCCOMAURITANIAWESTERN SAHARATHE GAMBIAGUINEA-BISSAUGUINEASIERRA LEONELIBERIACOTE DIVOIREGHANATOGOBURKINAFASOBENINSENEGALPORTUGALSPAINIRELANDNORWAYDENMARKGERMANYBELGIUMNETHERLANDSPOLANDBELARUSUKRAINECZECH REPITALYFRANCEMONACOSLOVAKIAMOLDOVAGEORGIAARMENIAAZERBAIJANTUR
56、KMENISTANUZBEKISTANKAZAKHSTANAFGHANISTANPAKISTANINDIA KYRGYZSTANTAJIKISTANSYRIAIRAQJORDANLEBANONISRAELSAUDI ARABIAKUWAITIRANQATARBAHRAINOMANYEMENUAEPALESTINIAN TERRITORYCYPRUSESTONIALATVIALITHUANIAHUNGARYAUSTRIAROMANIABULGARIAGREECEBOSNIA&HERZOGOVENIASERBIASLOVENIASWITZERLANDCROATIAMONTENEGROALBANIA
57、MALTATUNISIASWEDENFINLANDRUSSIACHINAHONG KONGPHILIPPINESTIMOR-LESTEPAPUA NEW GUINEABRUNEICHINESE TAIPEISOUTH KOREANORTH KOREAMYANMARSRI LANKALAOSTHAILANDMALAYSIACAMBODIAVIETNAMMONGOLIANEPALBHUTANBANGLADESHJAPANNEW ZEALANDAUSTRALIAINDONESIAUNITED KINGDOMTANZANIABURUNDISOMALIAETHIOPIADJIBOUTIERITREAKE
58、NYAUGANDARWANDAZAMBIAMOZAMBIQUEMALAWIESWATINILESOTHOVENEZUALAGUYANASURINAMEFRENCH GUIANAPUERTO RICOTRINIDAD AND TOBAGOCOLOMBIAPANAMASection 1 Executive Summary10WHOLESALE GAS PRICE SURVEY 2023 EDITIONEurope is now almost all GOG,with even Spain having more GOG than OPE.Turkey is still categorised as
59、 OPE but now,with the change in pricing in the Gazprom contracts,it only just exceeds GOG.82%of Europe is now GOG,almost all domestic production is,and 82%of pipeline imports and 76%of LNG imports are GOG.In 2005 the first survey only the UK,in Europe,had any significant levels of GOG.OPE is still t
60、he largest category in most Asian countries,even those such as Malaysia,Vietnam and the Philippines where it is mostly domestic production.There is a large area of the world covering the Former Soviet Union,the Middle East and North Africa where prices remain largely regulated.Key Findings LNG Marke
61、tThe growth in the share of total GOG in LNG imports took off in 2017.The total GOG share of LNG imports nearly doubled between 2016,when it was 25%,and 2022 when it reached 47%of all LNG trade.Between 2016 and 2018,the rise was all due to rising spot LNG imports,while in 2019 the increase was partl
62、y spot LNG imports and partly the significant rush of LNG to Europes traded markets.In 2020,the increase was driven by the rising spot LNG cargoes,and in 2021 more Henry Hub-priced US LNG entered the market.The share of spot LNG6 in the market in 2022,in this survey,rose back again to 35%,following
63、a small decline in 2021.The latest GIIGNL7 annual report stated that spot and short-term LNG contracts were around 35%of total LNG trade the same as the estimated measure from this survey.GIIGNL also noted that“true”spot volumes(i.e,volumes delivered within three months from the transaction date)rea
64、ched 28%of total imports in 2022 somewhat lower than this survey figure but with a different definition.100%80%60%40%20%0%40.0%30.0%20.0%10.0%0.0%2005 2007 2009%Spot LNG2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022OPEGOG tradedGOG spot%Spot LNGFigure 3 World Price Formation 2005 to 202
65、2 LNG Imports 6 The definition of Spot LNG in this survey includes spot cargoes and contracts under one year.This makes it distinct from the definition used by GIIGNL in their annual report,for spot and short-term trades,which included contracts up to four years.LNG being imported into the trading m
66、arkets of North America and Northwest Europe,is now split between Spot and Traded volumes,to avoid the categorisation of some spot volumes as traded volumes.In addition,in some countries we have also attempted to categorise US cargoes,which are spot and those under contracts with Henry Hub linked pr
67、icing,which would be included in the“Traded”category.7 GIIGNL 2023 Annual Report.https:/giignl.org/giignl-releases-2023-annual-report/.Section 1 Executive Summary11WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 1 Executive SummaryIt is notable that the growth of spot LNG imports prior to 2010,was pr
68、edominantly in the Asia Pacific region,with the growth in Asia starting post-2010.The spot LNG volume in Europe was relatively low until 2018,with the GOG LNG imports being mainly into the traded Northwest Europe markets.The rise in spot LNG,from 2016,was largely a consequence of the surge in US LNG
69、 exports.Since 2016,there have been increasing volumes of spot LNG into the Asian markets of India and China,especially the latter,and into Japan and South Korea(Asia Pacific).Spot LNG into Europe began growing strongly in 2019,as the rising LNG supply found a home there.Spot LNG into China reached
70、a record of almost 50 bcm in 2021,but this more than halved in 2022,with flat China gas demand,and the pull of Europe for spot cargoes where spot volumes of 64 bcm were almost 40%of total LNG imports into Europe.Asia Pacific volumes in 2022 rose slightly with increases in South Korea,Chinese Taipei
71、and Thailand,more than offsetting declines in Japan and elsewhere.The volume of spot LNG cargoes have risen almost three times in five years,from 63 bcm in 2016 to 171 bcm in 2022.North AmericaEuropeAsiaAsia PacificAfricaLatin AmericaFSUMiddle East002005BSCM2007 2009 2010 2012
72、2013 2014 2015 2016 2017 2018 2019 2020 2021 2022Figure 4 Spot LNG Imports 2005 to 2022 Key Findings LNG Market2022 saw record gas prices and,with Europes wholesale prices reaching over$30 per MMBTU,which dragged up the average World price to$9.44 per MMBTU its highest price ever compared to a recor
73、d low of$3.23 per MMBTU in 2020.The highest prices ever were also recorded in all other regions apart from North America and the Former Soviet Union.Globally,wholesale prices had generally risen between 2005 and 2014,apart from North America where the shale gas revolution contributed to a reduction
74、in prices by unlocking ample new supply and turning the12WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 1 Executive Summaryregion from a net gas importer into one of the main exporters(in 2022 the US was the second largest exported of LNG in the world).Figure 5 Wholesale Price Levels 2005 to 2022 by
75、 Region35.030.025.020.015.010.05.00.02005 2007 2009$/MMBTU2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022North AmericaEuropeAsiaAsia PacificAfricaWorldLatin AmericaFSUMiddle EastThe regions which have had a lot of regulated pricing Africa,the Middle East and FSU generally experienced ris
76、ing prices through 2015 before a levelling off,driven by the move away from more subsidised wholesale prices in many countries.This was also the case in the FSU,especially Russia,through 2013,but the decline in US dollar prices since then has largely reflected continued currency weakness,with rouble
77、 prices being maintained.Since 2015,prices in Asia,Asia Pacific and Europe had broadly tracked each other,but this link was broken in 2019 as spot prices dropped significantly in a well-supplied market,which benefited the European market much more than Asia and Asia Pacific where prices barely chang
78、ed from 2018 levels.These differences widened further in 2020 as spot prices collapsed further in the pandemic.However,in 2021,with the rapidpost-pandemic demand recovery and growth driving a surge in hub prices,European prices leapt above Asia and Asia Pacific prices,where OPE prices only rose slig
79、htly.Europe average wholesale prices were over$13 per MMBtu,while Asia and Asia Pacific prices were just over$8 per MMBtu in 2021.These trends were exacerbated further in 2022,with Europe prices at$32.50,Asia Pacific prices at$14.50 and Asia prices at just over$10 per MMBTU.The variation in gas pric
80、e levels of the markets widened significantly in 2021 and even more in 2022.There had been a trend of greater global gas price convergence from 2005 through to 2015,but this trend stalled somewhat as we entered a period of lower prices,and then diverged sharply in 2021 and 2022,with the divergence d
81、oubling from 2015.13WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 1Section 2Introduction14WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 2 IntroductionThe 2022 IGU Wholesale Gas Price survey is the fifteenth to be undertaken in a series which began at the start of the 2006 to 2009 IGU triennium cul
82、minating in the World Gas Conference in Buenos Aires.Previous surveys were undertaken for the years 2005,2007,2009,2010,and then annually from 2012.The fifteen surveys have confirmed the significant changes in wholesale price formation mechanisms during a period of key developments and upheaval in t
83、he global gas market.In the 2022 survey responses were received for 85 out of 113 markets,and these responses covered 91%of total world consumption.In part,following the Russia war with Ukraine,responses were difficult to get for some countries,especially in the Former Soviet Union,but estimated dat
84、a on the remaining markets,where responses were not received,was researched by the author of the report and/or based on past responses.2.1 BACKGROUND2.2 TYPES OF PRICE FORMATION MECHANISMSIn preparation for the initial 2005 survey,a series of discussions were held at the IGU group meetings,in 2006 a
85、nd early 2007,on the definition of different types of price formation.It was decided to use for categorisation purposes the wholesale pricing mechanisms,summarised below.Oil Price Escalation(OPE)The wholesale gas price is linked,usually through a base price and an escalation clause,to competing fuel
86、s,typically crude oil,gas oil and/or fuel oil.In some cases,coal prices can be used as can electricity prices.Gas-on-Gas Competition(GOG)The wholesale gas price is determined by the interplay of direct gas supply and demand gas-on-gas competition and is traded over a variety of different periods(dai
87、ly,monthly,annually or other periods).This includes gas traded on a short-term hub-priced basis and longer-term contracts that use gas price indices to determine the monthly price.Netback from Final Product(NET)The price received by the gas supplier is a function of the price received by the buyer f
88、or the final product the buyer produces.This may occur where the gas is used as a feedstock in chemical plants,such as ammonia or methanol,and is the major variable cost in producing the product.Regulation:Cost of Service(RCS)The price is determined,or approved,formally by a regulatory authority,or
89、possibly a Ministry,but the level is set to cover the“cost of service”,including the recovery of investment and a reasonable rate of return.Bilateral Monopoly(BIM)The price is determined by bilateral discussions and agreements betweenalargesellerandalargebuyer,withthepricebeingfixed for a period of
90、time typically one year.There may be a written contract in place but often the arrangement is at the Government or state-owned company level.Regulation:Social and Political(RSP)The price is set,on an irregular basis on a political/social basis,in response to the need to cover increasing costs,or pos
91、sibly as a revenue raising exercise a hybrid between RCS and RBC.PRICE FORMATION MECHANISMS15WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 2 Introduction No Price(NP)The gas produced is either provided free to the population and industry,possibly as a feedstock for chemical and fertilizer plants,or
92、 in refinery processes and enhanced oil recovery.The gas produced maybe associated with oil and/or liquids and treated as a by-product.Not Known(NK)No data or evidence.Regulation:Below Cost(RBC)The price is knowingly set below the average cost of producing and transporting the gas often as a form of
93、 state subsidy to the population.PRICE FORMATION MECHANISMS(Continued)In the discussion of regions,the IGU regional definitions are used and there is a map in the Appendix which shows the regions.A key point to note is that the Asia region is China and the Indian sub-continent and Asia Pacific is th
94、e rest of what is often called Asia.2.3 ANALYSING THE RESULTS2.4 REPORT LAYOUTSection 3 of the report covers the results at the World level of the 2022 survey,and a comparison of the results across all fifteen surveys,for the different categories domestic production,pipeline imports,LNG imports,tota
95、l imports and total consumption.The GOG and OPE categories are also analysed in more detail.Section 4 of the report covers wholesale price levels including a discussion and analysis of the results of the 2022 survey,by region,price formation mechanism and country,and then comparisons over all survey
96、s.Section 5 of the report contains an analysis of global gas price convergence over the fifteen surveys.Appendix A of the report looks at the individual regions(IGU definitions)results for the 2022 survey and comparisons across all surveys for the price formation mechanisms.Appendix B describes the
97、survey methodology,including the data collection method,the IGU regional definitions,the definitions of the price formation mechanisms and the analytical framework.The results for previous surveys may,in some cases,appear slightly different from what has been published in previous reports.This refle
98、cts mostly revisions to IEA data on consumption,production,imports and exports but can also reflect retrospective changes to price formation classification when survey respondents have a better appreciation of the classification definitions as they reflect upon the results from the surveys overall.1
99、6WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 1Section 3World ResultsSection 3 World Results17WHOLESALE GAS PRICE SURVEY 2023 EDITION3.1 INTRODUCTIONThis section covers the full results and analysis at the World level for wholesale price formation mechanisms and comprises results for the 2022 surv
100、ey and comparisons and analysis of the results of the surveys from 2005 to 2022 for the consumption allocated to the following categories:Domestic Production;Pipeline Imports;LNG Imports;Total Imports;Total Consumption.There is also a sub-section which analyses in more detail the GOG and OPE categor
101、ies for all the surveys.3.2 DOMESTIC PRODUCTION3.2.1 2022 Survey Results Domestic ProductionDomestic production in 2022 accounted for some 73%of total world consumption around 2,999 bcm.Figure 6 World Price Formation 2022 Domestic ProductionRSP 18%RBC 7%NB 0%OPE 10%GOG 49%BIM 2%NET 1%RCS%13The perce
102、ntage shares of the mechanisms for each region are shown in Figure 7.GOG has the largest share in domestic production at 49%,totalling some 1,473 bcm,with North America accounting for 1,007 bcm around 68%of the total.The next largest share is in the Former Soviet Union,where the sales of gas in Russ
103、ia to the large eligible customers by either Gazprom or the independent producers is classified as GOG(see the section on Former Soviet Union in the regional analysis for further discussion),accounting for some 247 bcm.The balance is in Europe at 68 bcm principally the UK plus the18WHOLESALE GAS PRI
104、CE SURVEY 2023 EDITIONSection 3 World ResultsNetherlands and Romania,Asia at 55 bcm India and China(see Appendix A covering regional analysis on Asia for further discussion),Asia Pacific at 38 bcm Australia and New Zealand,and Latin America at 26 bcm mainly Argentina and Colombia.OPE has a relativel
105、y small share in domestic production at 10%,totalling some 301 bcm,with 174bcm in Asia China and Pakistan mainly,83 bcm in Asia Pacific Thailand,Indonesia,Vietnam,Philippines,Australia and Malaysia,20 bcm in Latin America Brazil and Colombia,the Middle East at 19 bcm in Kuwait and Israel,and small a
106、mounts in Africa,mainly Tunisia,and Europe.The regulated categories RCS,RSP and RBC in total account for 38%of domestic production some 1,139 bcm,with RCS principally in the Former Soviet Union,Asia and Asia Pacific,RSP principally in the Middle East,Former Soviet Union,Latin America and Asia Pacifi
107、c and RBC in the Former Soviet Union,Africa,Latin America and the Middle East.A more detailed breakdown of the regulated categories is contained in the regional analysis sections.Figure 7 Regional Price Formation 2022-Domestic Production0%20%40%60%80%100%OPETotalMiddle EastAfricaFSULatin AmericaAsia
108、 PacificAsiaEuropeNorth AmericaGOGBIMNETRCSRSPRBCNP3.2.2 2005 to 2022 Comparisons Domestic ProductionThe main changes in price formation over the fifteen surveys have been the general rise in domestic GOG from 35%in 2005 to 49%in 2022.The share rose between 2021 and 2022,principally on the back of r
109、ising gas demand in North America.The OPE category is not particularly large in terms of domestic production and declined slightly between 2021 and 2022,with lower production in Pakistan and in the OPE category in China.Over the period as a whole,GOG in domestic production has gained share from the
110、three regulated categories which in 2005 totalled some 52%compared to 38%in 2022.Half of this occurred in 2009 and 2010 when the GOG category increased in Russia at the expense of the regulated categories,as the market began to open up to independents more,and there was more effective competition be
111、tween the19WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Resultsindependents and Gazprom for power sector and industrial customers.This was followed by the changes in India in 2015,as regulated pricing was replaced with a formula linked to international,predominantly hub,prices for key sect
112、ors.There has also been an increase in GOG in Latin America as well,principally in 2007 and 2009.Figure 8 World Price Formation 2005 to 2022-Domestic Production100%90%80%70%60%50%40%30%20%10%0%200520002020212022OPEGOGBIMNETRCSRSPRBCNPWithin the regulated categories,there have b
113、een two main changes,in 2009 when Russia changed from RBC to RCS as prices were finally increased above the cost of production and transportation,and in 2012 when Iran increased prices sharply to move from RBC to RSP.RSP increased again in 2014 as prices to the population in Russia was switched away
114、 from RCS.In 2017,there was also a change in Malaysia,away from RSP to RCS.In 2020 there was a switch away from RCS as it declined in Russia,as that was the sector hit by lower demand,and in Malaysia which moved away from RCS to OPE.In 2021 the RSP category gained share with more rapid demand growth
115、 in Middle East,Asia Pacific and FSU.The RSP share fell back in 2022,as domestic production in the Ukraine switched to GOG.3.3 PIPELINE IMPORTS3.3.1 2022 Survey Results Pipeline ImportsPipeline imports in 2022 accounted for some 15%of total world consumption around 595bcm8.Pipeline imports are split
116、 between just three categories OPE,GOG and BIM9.The regional breakdown is shown in figure 10.GOG is 63%of all pipeline imports,totalling 374 bcm,with Europe at 243 bcm,NorthAmerica 117 bcm and the Former Soviet Union 6 bcm(Ukraine imports from Europe).Most of the European gas importing countries,out
117、side Turkey and Spain,are now dominated by GOG pipeline imports with the top five countries being Germany,Italy,France,Netherlands and UK.8 This figure represents the total effective net pipeline imports for all countries.Many countries will produce gas and import by pipeline and LNG and also export
118、 by pipeline from the“pool”of all sources of supply.Gross pipeline imports in total in 2022 were 716 bcm so effectively 121 bcm was“re-exported”by pipeline a significant amount of this will have been in Europe as flow patterns changed with pipeline imports from Russia falling sharply.7 There is a ve
119、ry small amount of RCS in Africa reflecting the regulated transportation tariff element of pipeline gas from Nigeria to Ghana.20WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsOPE is around 26%of all pipeline imports,totalling some 154 bcm.Asia accounts for some 67 bcm China,with Europ
120、e at some 55 bcm Turkey being by far the largest contributor,followed by Italy,13 bcm in Asia Pacific Thailand,Singapore and Malaysia,10 bcm in the Former Soviet Union Russia and 9 bcm in Latin America mainly Brazil and Argentina.There are also small quantities in countries such as Iran and Tunisia.
121、BIM has the balance of 11%,totalling some 67 bcm.This is mainly in the Former Soviet Union and the Middle East,with a small amount in Africa.Figure 9 World Price Formation 2022-Pipeline ImportsBIM 11%OPE 26%GOG 63%Figure 10 Regional Price Formation 2022-Pipeline Imports0%20%40%60%80%100%OPETotalMidd
122、le EastAfricaFSULatin AmericaAsia PacificAsiaEuropeNorth AmericaGOGBIMNETRCSRSPRBCNPFigure 8-Regional Price Formation 2022-Pipeline Imports21WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results3.3.2 2005 to 2022 Comparisons Pipeline ImportsThe main changes in the fifteen surveys from 2005
123、to 2022 are the continued rise in GOG from 23%in 2005 to 63%in 2022,which has been at the expense of the OPE category.The decline in OPE was partly offset by a switch from BIM to OPE in intra-FSU trade in 2009,and more recently the imports of pipeline gas from Turkmenistan to China,and in 2016,the c
124、hange in one of the gas contracts from Russia to Turkey.In 2022,the GOG share recovered,having fallen back in 2021(when the volume of OPE imports in Europe rose sharply in Turkey and Spain,reflecting a faster increase in demand than elsewhere in Europe).The 2022 recovery reflected a partial switch a
125、way from OPE in Turkeys contracts with Gazprom.The total volume of pipeline imports declined sharply as Russian flows to Europe declined this impacted GOG volumesmore but this was offset by the change in Turkey to leave OPE and GOG shares largely the same.The rise in GOG at the expense of OPE has be
126、en entirely in the European market(at least until 2015 when the Ukraine began importing gas from Europe,rather than Russia utilising reverse flow mechanism),as the Northwest Europe countries began switching to GOG and more recently the Central Europe countries and,in 2014 and 2017,Italy.In respect o
127、f pipeline imports into Europe,GOG in 2022 has an 82%share compared to 18%for OPE in 2021 the GOG share in Europe was 75%and OPE 25%,with the change in 2022 reflecting the changes in Turkey.This is in marked contrast to 2005 when it was 91%OPE and only 7%GOG.Figure 11 World Price Formation 2005 to 2
128、022-Pipeline Imports100%80%60%40%20%0%200520002020212022OPEGOGBIMNETRCSRSPRBC22WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results3.4 LNG IMPORTS3.4.1 2022 Survey Results LNG ImportsLNG imports in 2022 accounted for some 12%of total world consumption around 488 bcm10
129、.Figure 12 World Price Formation 2022-LNG ImportsOPE 53%GOG 47%LNG imports are split 53%OPE and 47%GOG.The regional breakdown is shown in Figure 13 below.OPE at some 259 bcm is mostly Asia Pacific Japan,Korea and Chinese Taipei,followed by Asia China,India and Pakistan and Europe mainly France,Spain
130、,Turkey,Portugal,Italy and Poland.GOG totals some 229 bcm and can be divided into imports into traded markets in North America and countries such as the UK,Belgium,France and Netherlands,where the domestic market pricing mechanism is GOG(with contracts linked to hub prices),and all other markets whi
131、ch are mainly importing spot and short-term priced LNG cargoes,which is almost every other LNG importing country Japan taking the largest volume but also includes countries like China,India,Korea,Turkey,Spain,Argentina and Brazil,plus the uncontracted spot LNG into the traded markets noted above.In
132、Europe,76%of LNG imports are now GOG.10 As for pipeline imports,the figure represents total effective net LNG imports for all countries.Gross LNG imports(net of re-exported LNG)were some 534 bcm in 2022,with around 46 bcm being regasified and re-exported as pipeline gas.A substantial amount of this
133、was in Europe as LNG being imported was re-routed to markets which had lost Russian pipeline imports.23WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsFigure 13 Regional Price Formation 2022-LNG Imports0%20%40%60%80%100%OPETotalMiddle EastAfricaFSULatin AmericaAsia PacificAsiaEuropeNor
134、th AmericaGOGBIMNETRCSRSPRBCNPFigure 11-Regional Price Formation 2022-LNG Imports3.4.2 2005 to 2022 Comparisons LNG ImportsThe main changes in the fifteen surveys from 2005 to 2022 are a rise in GOG from 14%in 2005 to 32%in 2012,which was largely at the expense of the OPE category,before it fell bac
135、k in 2014 to 25%.In 2015 there was a recovery back to a 33%share,a fall in 2016 to 25%,before rising to 29%in 2017,34%in 2018,41%in 2019,44%in 2020,46%in 2021 and 47%in 2022.The GOG share is comprised of LNG going to the traded markets of North America and in Europe the UK,Belgium and Netherlands an
136、d any hub-indexed LNG contracts(such as Henry Hub),and spot LNG cargoes to the more“traditional”LNG markets in Asia Pacific,Asia and Europe(including uncontracted LNG into traded markets)and some of the newer markets.There was a significant increase in GOG between 2005 and 2007,which was principally
137、 due to a rise in spot LNG imports in Asia and Asia Pacific and a smaller rise in North American imports.Since 2007,there have been offsetting changes with North American LNG imports which are all GOG declining,European imports,principally to the UK increasing in 2009 and 2010 and relatively stabili
138、ty in Asia and Asia Pacific spot LNG imports.In 2012,as Europes LNG imports declined,these were more than offset in the GOG category by rising spot LNG imports in Asia and Asia Pacific.The decline in 2013 reflected the fall in the share of spot LNG imports and a decline in LNG imports into the UK,th
139、e USA and Canada.The further small decline in 2014 was principally due to lower spot LNG cargoes in Asia and Asia Pacific,with correspondingly higher OPE under long term contracts.The rebound in 2015 was largely due to more spot LNG cargoes in all markets but especially Japan and the new markets,as
140、the fall in spot LNG prices preceded the decline in oil-linked contract prices.In 2016,the decline in GOG was a consequence of LNG trade becoming more contracted,with fewer spot LNG cargoes,which benefitted OPE.In 2017 this was reversed as spot LNG cargoes increased,in part due to the rise in Henry
141、Hub priced US LNG exports.24WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results2018 saw a significant change in LNG imports of all the surveys,driven by the continued rise in Henry Hub priced US LNG exports but also by a general rise in spot LNG cargoes11.This change was just as large in
142、2019,rising to over 40%for the first time,with the volume of OPE LNG imports declining for the second year in a row.In 2020,the growth of GOG slowed but still rose to 44%.The rise in GOG was strongest inAsia and Asia Pacific,rising to 46%(up 5 percentage points)and 27%(up 6 percentage points)respect
143、ively.These rises offset a five percentage-point decline in Europe,largely due to a switch to more OPE volumes in Spain in 2020.In 2021,the two-point rise in GOG largely reflected a large increase in spot LNG cargoes to Latin America(Brazil mainly),Asia Pacific and China.There was also a switch away
144、 from OPE cargoes to GOG in Europe.2022 saw some significant changes as LNG imports increased dramatically into Europe,replacing lost Russian pipeline imports.The GOG share in Europe rose to 76%in 2022 from 67%in 2021,with a large rise in spot LNG cargoes.Many of these spot LNG cargoes were diverted
145、 from China,where the GOG share fell to 27%in 2022 from 49%in 2021,and Pakistan,where the GOG share fell to 17%in 2022 from 41%in 2021.Figure 14 World Price Formation 2005 to 2022-LNG Imports100%80%60%40%20%0%200520002020212022OPEGOGBIMNETRCSRSPRBC 10 The definition of Spot LNG
146、 in this survey includes spot cargoes and contracts under one year.This makes it distinct from the definition used by GIIGNL in their annual report,for spot and short-term trades,which included contracts up to four years.LNG being imported into the trading markets of North America and Northwest Euro
147、pe,is now split between Spot and Traded volumes,to avoid the categorisation of some spot volumes as traded volumes.In addition,in some countries we have also attempted to categorise US cargoes,which are spot and those under contracts with Henry Hub linked pricing,which would be included in the“Trade
148、d”category.The volume of LNG going to the traded markets had been in decline since 2010,with the decline in US LNG imports,reaching a low point in 2018 as UK imports also declined.In contrast,spot LNG cargoes have increased,especially in 2017 and 2018 in Asia Pacific,Asia and parts of Europe plus th
149、e newer LNG importing markets.However,in 2019,the volume of LNG going to the traded markets of Northwest Europe increased markedly,as the abundant supply of LNG sought a home in the only market able to absorb the surplus,declining only slightly in 2020.In 2021,the traded share rose again on the back
150、 of contracted US LNG cargoes into Asian markets especially.In 2022,spot LNG cargoes increased again as Europe outbid other regions and mopped up increasing uncontracted LNG supply.As Figure 15 shows,the volume of spot LNG cargoes have risen almost three times in five years,from 63 bcm in 2016 to 17
151、1 bcm in 2022.25WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsTo further illustrate the growth of spot LNG,Figure 16 breaks down the data from Figure 14,showing Spot LNG separately and the percentage of Spot LNG in total LNG imports.In 2021,the spot LNG percentage declined,for the fi
152、rst time in 5 years,to 34%in 2021 from 35%in 2020,with the growth in LNG trade being largely accounted for by contracted LNG both OPE and hub-indexed.In 2022 this was reversed as spot LNG headed to Europe.The latest GIIGNL annual report stated that spot and short-term LNG contracts were around 35%of
153、 total LNG trade the same as the estimated measure from this survey.GIIGNL also noted that“true”spot volumes(i.e,volumes delivered within three months from the transaction date)reached 28%of total imports in 2022 somewhat lower than this survey figure but with a different definition.Figure 15 GOG LN
154、G Imports 2005 to 202225020015010050-2005 2007 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022BSCMGOGGOGGOG TradedFigure 16 World LNG Price Formation 2005 to 2022-Spot LNG Imports100%80%60%40%20%0%40.0%30.0%20.0%10.0%0.0%2005 2007 2009%Spot LNG2011 2012 2013 2014 2015 2016 2017 2018
155、 2019 2020 2021 2022OPEGOG tradedGOG spot%Spot LNG26WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsFigure 17 GOG Spot LNG Imports 2005 to 2022North AmericaEuropeAsiaAsia PacificAfricaLatin AmericaFSUMiddle East002005BSCM2007 2009 2010 2012 2013 2014 2015 2016 201
156、7 2018 2019 2020 2021 2022The growth of spot LNG imports prior to 2010,was predominantly in the Asia Pacific region,with the growth in Asia starting post-2010.The volume in Europe was relatively low until 2018,with the GOG LNG imports being mainly into the traded Northwest Europe markets.The rise in
157、 spot LNG,from around 60 bcm in 2016 to over 150 bcm by 2020,was largely a consequence of the surge in US LNG exports,although not all the growth in spot LNG is from the USA.Since 2016,there have been increasing volumes of spot LNG into the Asian markets of India and China,especially the latter,and
158、into Japan and South Korea(Asia Pacific).Spot LNG into Europe began growing strongly in 2019,as the rising LNG supply found a home there.Spot LNG into China reached a record of almost 50 bcm in 2021,but this more than halved in 2022,with flat China gas demand,and the pull of Europe for spot cargoes
159、where spot volumes of 64 bcm werealmost 40%of total LNG imports into Europe.Asia Pacific volumes in 2022 rose slightly with increases in South Korea,Chinese Taipei and Thailand,more than offsetting declines in Japan and elsewhere.27WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results3.5 TO
160、TAL IMPORTS3.5.1 2022 Survey Results Total ImportsTotal imports in 2022 accounted for some 27%of total world consumption 1,083 bcm.Total imports are the sum of pipeline and LNG imports and comprise the three categories of GOG(56%),OPE(38%)and BIM(6%).Figure 18 World Price Formation 2022-Total Import
161、sOPE 38%GOG 56%BIM 6%The table below shows the regional and category breakdown in volume terms.TOTAL IMPORTSTable 1 World Price Formation 2022-Total Imports REGION OPE GOG BIM TOT North America 0.0 119.0 0.0 119.0 Europe 85.9 341.0 0.0 426.9 Asia 156.7 38.0 0.0 194.7AsiaPacific 146.2 73.0 0.0 219.2
162、Latin America 9.0 15.7 0.0 24.7 FSU 10.4 6.5 26.6 43.5Africa 0.2 4.2 8.4 13.3 Middle East 4.6 5.2 31.6 41.4 Total 412.9 602.7 66.6 1,082.728WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results3.5.2 2005 to 2022 Comparisons Total ImportsTotal imports have only comprised three categories OPE
163、,GOG and BIM in all fifteen surveys from 2005 to 202212.As well as the figure the table below shows the volume breakdown.OPE declined from 63%in 2005 to 59%in 2007 as GOG rose from just over 21%to 28%and then in 2009,OPE gained share rising to 66%as BIM fell from 14%to 6%,with GOG rising to 29%.Sinc
164、e 2009 OPE has lost share by around 27 percentage points and GOG gained a similar share,in large part due to pipeline imports in Europe,but more recently the rising share of GOG in LNG imports.In volume terms,over the period 2005 to 2021,OPE pricing declined by 17%while GOG grew by 260%.It should be
165、 noted that total imports fell in volume terms in 2022,as a result of the lower Russian pipeline imports into Europe,but overall,the shares of OPE and GOG in total imports were not that much changed.Figure 19 World Price Formation 2005 to 2022 Total Imports100%90%80%70%60%50%40%30%20%10%0%2005201020
166、00212022OPEGOGBIMNETRCSRSPRBCNPFigure 17-World Price Formation 2005 to 2022-Total Imports 10 Apart from the very small RCS on the Nigeria to Ghana pipeline since 2010.Table 2 World Price Formation 2005 to 2022 Total Imports(bcm)WORLD TOTAL IMPORTSOPE GOG BIM TOT2005 2007 2009 2
167、010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022500.0 165.6 128.6 794.2496.0 234.8 118.3 849.1532.6 235.5 45.1 813.3562.2 297.6 52.5 912.5524.9 354.9 58.7 938.7516.9 370.8 60.5 948.4461.4 383.9 59.2 904.9432.7 449.5 60.6 943.3475.5 471.7 51.7 999.0484.0 527.8 52.5 1064.5467.8 555.4 57.9 10
168、81.6448.3 587.7 62.5 1098.9424.1 594.2 65.1 1083.9467.0 643.8 67.7 1179.0412.9 602.7 66.6 1082.7OPEGOGBIMNETRCSRSPRBCNP29WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results3.6 TOTAL CONSUMPTION3.6.1 2022 Survey Results Total ConsumptionTotal consumption in 2022 was around 4,082 bcm.Figure
169、 20 World Price Formation 2022 Total ConsumptionGOG 51%BIM 3%NET 0%RCS 9%RSP 13%RBC 6%NP 0%OPE 18%GOG has the largest share at 51%,totalling 2,076 bcm,dominated by North America at 1,126 bcm,followed by Europe at some 409 bcm,the Former Soviet Union at 254bcm,and Asia Pacific and Asia at 111 and 93
170、bcm respectively.In all GOG can now be found in 66 markets,in one form or another,and in all regions.The OPE share at 18%,totals 714 bcm and is predominantly Asia(331 bcm),Asia Pacific(229 bcm)and Europe(87 bcm).OPE is widespread also being found in 49 markets,including two-thirds of the countries i
171、n Europe(although most at very small percentages),and in all regions except North America.The regulated categories RCS,RSP and RBC account in total for some 28%,around 1,139 bcm:RCS totals some 373 bcm and is in 14 countries,mainly the Former Soviet Union(Russia and Azerbaijan)and Asia(China and Ban
172、gladesh),followed by Africa(Egypt and Nigeria)and Latin America(Argentina);RSP totals some 546 bcm and is in 22 countries,with the Middle East dominating Iran,Saudi Arabia,UAE and Oman followed by the Former Soviet Union Russia and Ukraine and Latin America Argentina,Bolivia and Peru with some in As
173、ia Pacific Indonesia;RBC totals some 221 bcm and is in 15 countries,mainly the Former Soviet Union Kazakhstan,Turkmenistan and Uzbekistan,Africa Egypt and Algeria and Latin America Venezuela.30WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsThe BIM share at 3%totals some 133 bcm and is
174、 in 24 countries,predominantly Middle East Qatar,UAE,Israel and Iraq,and the Former Soviet Union in countries importing from Russia.The NET share at less than 1%totals some 11 bcm in just 1 country Trinidad.The NP share at less than 1%totals some 9 bcm in 7 countries,largely Mexico and Brunei,where
175、it is used in the energy industry in refining processes or enhanced oil recovery.The table below shows the regional and category breakdown for total world consumption and Figure 21 the regional breakdown in percentage terms.TOTAL IMPORTS REGION OPE GOG BIM NET RCS RSP RBC NP TOT North America 0.0 11
176、25.8 0.0 0.0 0.0 0.0 0.0 3.9 1,129.7 Europe 86.7 409.4 0.0 0.0 0.0 1.9 0.0 0.0 498.0 Asia 331.0 93.4 4.3 0.0 64.4 0.2 1.1 0.0 494.5AsiaPacific 229.4 111.3 4.4 0.0 0.1 40.0 0.0 2.8 388.0 Latin America 29.4 41.5 5.2 11.4 14.3 29.6 15.4 1.1 148.0 FSU 10.4 253.6 26.6 0.0 253.4 69.0 100.4 0.0 713.4 Afric
177、a 3.9 18.1 12.9 0.0 31.6 4.6 88.8 0.9 160.8 Middle East 23.5 22.7 79.2 0.0 9.0 400.2 15.1 0.1 549.8 Total 714.2 2,076 132.6 11.4 372.8 545.5 220.8 8.9 4,082.2Table 3 World Price Formation 2022 Total ConsumptionFigure 21 Regional Price Formation 2022 Total Consumption31WHOLESALE GAS PRICE SURVEY 2023
178、 EDITIONSection 3 World ResultsThe map below shows the main price formation mechanism by market.For each market the highest share is used to categorise the dominant price formation mechanism for that market.OPE and GOG are self-explanatory,regulated covers the 3 categories RCS,RSP and RBC,while Othe
179、r is predominantly BIM the bilateral monopoly category.Figure 22 Wholesale Price Formation Mechanisms MapGas on gas competitionOil price escalationRegulatedOtherWholesale gas prices 2022CANADAUNITED STATESGREENLANDICELANDCUBAJAMAICADOMINICA REPUBLICHAITIMEXICOEL SALVADORHONDURASBELIZECOSTA RICANICAR
180、AGUAGUATEMALAECUADORPERUBRAZILBOLIVIAURUGUAYPARAGUAYARGENTINACHILESOUTH AFRICAMADAGASCARANGOLANAMIBIABOTSWANAZIMBABWEDR CONGOCONGOGABONEQUATORIALGUINEACAMEROONCENTRALAFRICANREP NIGERIANIGERMALIALGERIALIBYAEGYPTSUDANSOUTHSUDANCHADTURKEYMOROCCOMAURITANIAWESTERN SAHARATHE GAMBIAGUINEA-BISSAUGUINEASIERR
181、A LEONELIBERIACOTE DIVOIREGHANATOGOBURKINAFASOBENINSENEGALPORTUGALSPAINIRELANDNORWAYDENMARKGERMANYBELGIUMNETHERLANDSPOLANDBELARUSUKRAINECZECH REPITALYFRANCEMONACOSLOVAKIAMOLDOVAGEORGIAARMENIAAZERBAIJANTURKMENISTANUZBEKISTANKAZAKHSTANAFGHANISTANPAKISTANINDIA KYRGYZSTANTAJIKISTANSYRIAIRAQJORDANLEBANON
182、ISRAELSAUDI ARABIAKUWAITIRANQATARBAHRAINOMANYEMENUAEPALESTINIAN TERRITORYCYPRUSESTONIALATVIALITHUANIAHUNGARYAUSTRIAROMANIABULGARIAGREECEBOSNIA&HERZOGOVENIASERBIASLOVENIASWITZERLANDCROATIAMONTENEGROALBANIAMALTATUNISIASWEDENFINLANDRUSSIACHINAHONG KONGPHILIPPINESTIMOR-LESTEPAPUA NEW GUINEABRUNEICHINESE
183、 TAIPEISOUTH KOREANORTH KOREAMYANMARSRI LANKALAOSTHAILANDMALAYSIACAMBODIAVIETNAMMONGOLIANEPALBHUTANBANGLADESHJAPANNEW ZEALANDAUSTRALIAINDONESIAUNITED KINGDOMTANZANIABURUNDISOMALIAETHIOPIADJIBOUTIERITREAKENYAUGANDARWANDAZAMBIAMOZAMBIQUEMALAWIESWATINILESOTHOVENEZUALAGUYANASURINAMEFRENCH GUIANAPUERTO R
184、ICOTRINIDAD AND TOBAGOCOLOMBIAPANAMAEurope is now almost all GOG,with even Spain having more GOG than OPE.Turkey is still categorised as OPE but now,with the change in pricing in the Gazprom contracts,it only just exceeds GOG.82%of Europe is now GOG,almost all domestic production is,and 82%of pipeli
185、ne imports and 76%of LNG imports are GOG.OPE is still the largest category in most Asian countries,even those such as Malaysia,Vietnam and the Philippines where it is mostly domestic production.There is a large area of the world covering the Former Soviet Union,the Middle East and North Africa where
186、 prices remain largely regulated.32WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsThe figure below shows the changes in the price formation mechanisms over the fifteen surveys from 2005 to 2022.3.6.2 2005 to 2022 Comparisons Total ConsumptionFigure 23 World Price Formation 2005 to 202
187、2-Total ConsumptionOPEGOGBIMNETRCSRSPRBCNP100%80%60%40%20%0%200520002020212022The changes between each survey can be summarised as follows:Between 2005 and 2007,GOG increased its share by some 2 percentage points and OPE decreased by 2 percentage points reflecting faster growth
188、 in consumption in North America than most other regions,a switch from OPE to GOG in Europe,and to a lesser extent in Asia Pacific and Asia,and a very small move from regulated pricing to GOG in Russia and Latin America.RSP also increased its share by half a percentage point reflecting more rapid gr
189、owth in consumption in the RSP countries;Between 2007 and 2009,GOG increased its share by a further 4 percentage points,at a time when total world consumption showed little change,mainly because of the change in Russia from RBC to GOG but also because of the continuing switch from OPE to GOG in Euro
190、pe.OPE actually gained 1 percentage point with the loss in share in Europe being more than offset by a switch from BIM,which lost 2 percentage points overall,to OPE in intra-FSU trade.The other major change was the decline of 14 percentage points in RBC and a similar gain in RCS,mainly in Russia,but
191、 RCS also gained at the expenses of RSP,which lost almost 2 percentage points,as Chinas domestic production changed categories as prices increased as a consequence of regulatory change;Between 2009 and 2010,GOG increased its share by another 3 percentage points,with the continuing switch from OPE to
192、 GOG in Europe and further move in Russia away from RCS to GOG.OPE declined by just under one percentage point with losses in share in Europe being partly offset by gains in shares in Asia,as China began importing pipeline gas and more LNG under contract,and Asia Pacific on the back of rapid growth
193、in demand in Korea,Taiwan and Thailand;Section 3 World Results33WHOLESALE GAS PRICE SURVEY 2023 EDITIONTOTAL CONSUMPTIONWORLD OPE GOG BIM NET RCS RSP RBC NP TOT2005 690.7 896.9 166.6 16.6 22.9 325.2 718.7 23.1 2860.8 2007 672.4 1017.0 158.1 18.9 22.4 363.3 775.1 21.9 3049.2 2009 698.6 1142.9 93.0 18
194、.9 431.6 298.6 345.0 21.7 3050.3 2010 729.4 1342.2 101.7 22.5 419.1 294.4 388.9 22.7 3320.9 2012 669.0 1417.8 124.9 23.9 477.7 481.7 229.6 21.5 3446.0 2013 651.3 1514.6 144.7 19.9 419.4 494.6 226.0 21.4 3491.92014 611.8 1509.6 146.4 19.4 385.7 585.0 209.7 22.5 3490.2 2015 639.4 1608.9 150.1 18.8 359
195、.3 554.3 186.2 20.7 3537.7Table 4 World Price Formation 2022 Total Consumption(bcm and%tages)2016 722.8 1653.6 142.5 17.3 353.3 540.7 181.6 17.8 3629.5 2017 737.6 1737.4 128.4 13.0 386.8 516.5 199.6 14.3 3733.6 2018 749.8 1868.5 135.2 13.5 408.6 522.7 206.9 13.8 3919.1 2019 743.2 1942.2 138.2 13.8 4
196、12.8 524.2 210.7 9.1 3994.2 2020 723.7 1938.3 137.0 11.9 354.4 530.8 202.1 9.4 3907.6 2021 777.8 2035.8 136.2 11.9 364.8 564.0 220.9 8.7 4120.02022 714.2 2076.0 132.6 11.4 372.8 545.5 220.8 8.9 4082.22005 24.1%31.4%5.8%0.6%0.8%11.4%25.1%0.8%100.0%2007 22.1%33.4%5.2%0.6%0.7%11.9%25.4%0.7%100.0%2009 2
197、2.9%37.5%3.0%0.6%14.1%9.8%11.3%0.7%100.0%2010 22.0%40.4%3.1%0.7%12.6%8.9%11.7%0.7%100.0%2012 19.4%41.1%3.6%0.7%13.9%14.0%6.7%0.6%100.0%2013 18.7%43.4%4.1%0.6%12.0%14.2%6.5%0.6%100.0%2014 17.5%43.3%4.2%0.6%11.1%16.8%6.0%0.6%100.0%2015 18.1%45.5%4.2%0.5%10.2%15.7%5.3%0.6%100.0%2016 19.9%45.6%3.9%0.5%9
198、.7%14.9%5.0%0.5%100.0%2017 19.8%46.5%3.4%0.3%10.4%13.8%5.3%0.4%100.0%2018 19.1%47.7%3.5%0.3%10.4%13.3%5.3%0.4%100.0%2019 18.6%48.6%3.5%0.3%10.3%13.1%5.3%0.2%100.0%2020 18.5%49.6%3.5%0.3%9.1%13.6%5.2%0.2%100.0%2021 18.9%49.4%3.3%0.3%8.9%13.7%5.4%0.2%100.0%2022 17.5%50.9%3.2%0.3%9.1%13.4%5.4%0.2%100.0
199、%34WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results Between 2010 and 2012,GOG increased its share by almost one percentage point,rising to 41%,with the continuing increase in share in Europe away from OPE,and more spot LNG imports in Asia and Asia Pacific,being partly offset by a decli
200、ne in share in Russia.OPE declined by 2.5 percentage points,based on the switch to GOG in Europe(and to BIM in Turkey,as a contract changed)coupled with declining European demand,only partly offset by a rising share in pipeline imports in China.RCS increased its share by 1 percentage point,principal
201、ly in Russia but also as demand grew sharply in China.RSP increased its share by 5 percentage points,principally due to the change in pricing in Iran and rising demand in Saudi Arabia.RBC declined by a similar amount,reflecting the Iran pricing change.Between 2012 and 2013,GOG increased its share by
202、 over 2 percentage points,gaining from OPE as pricing mechanisms continued to switch in Europe,and from RCS in Russia as the independent producers recovered market share.OPE declined by another one percentage point reflecting the changes in Europe,partly offset by a small gain in the LNG import segm
203、ent with spot LNG trade declining,and in China with the new pricing regime in two provinces.RCS declined by 1.5 percentage points,largely reflecting the change in Russia towards GOG and in China to OPE.The BIM category regained almost half a percentage point in share reflecting domestic production g
204、rowth in Qatar.Between 2013 and 2014,the GOG share declined marginally as the continued switch away from OPE in Europe and more rapid consumption growth in North America was offset by a decline in the share of GOG in Russia towards regulated pricing,and fewer spot LNG cargoes.OPE was down just under
205、 1 percentage point reflecting the changes in Europe,partly offset by an increase in China.RCS was down by 1 percentage point largely as a result of the switch to RSP in Russia and the RSP category was up by 2.5 percentage points,reflecting the Russia switch but also a change in Nigeria as well,away
206、 from RBC,coupled with more rapid consumption growth in RSP countries.RBC was unchanged,with the decline in Nigeria,being offset by rising consumption on Kazakhstan,Turkmenistan and Uzbekistan.Between 2014 and 2015,the GOG share increased by over 2 percentage points reflecting rising gas consumption
207、 in North America and Europe,together with the continuing move away from OPE in Europe,the change in pricing in India and more spot LNG,partly offset by a decline in Australia as OPE netback contracts began to be introduced,and the switch in Ukraine to imports of hub-priced gas from Europe.OPEs shar
208、e increased by just over half a percentage point,with the decline in Europe and lower share of LNG imports being more than offset by the change in the domestic pricing mechanism in China.The RCS share declined by one percentage point reflecting the changes in China,partly offset by moves to RCS in E
209、gypt and Nigeria.RSP was down by one percentage point,principally reflecting the changes in pricing in India and Nigeria.RBC was lower by almost 1 percentage point,reflecting moves away in Bangladesh and partially in Egypt.Between 2015 and 2016,the GOG share rose by marginally,with an increase in th
210、e share in Europe and the Former Soviet Union,together with growing consumption in North America,being partly offset by declines in Asia and Asia Pacific,reflecting fewer pure spot LNG cargoes.The OPE share increased by just under 2 percentage points,reflecting a small rise in Europe at the expense
211、of BIM(in Turkey),but principally in Asia and Asia Pacific,as the share in LNG imports increased,but also reflecting a rise in domestic production in China,as the full year effect of the change in city-gate pricing came through,and changed domestic production pricing in Kuwait.The RCS share declined
212、 by half a percentage point,principally reflecting the changes in China,partly offset by a rise in Iran Section 3 World Results35WHOLESALE GAS PRICE SURVEY 2023 EDITION in gas as a feedstock to petrochemicals,and faster consumption growth in some countries with RCS pricing.The RSP share was down by
213、just under one percentage point as a result of declines in the Middle East Iran and Kuwait and the FSU,principally in Russia with switching to GOG and RCS.The RBC share was down very slightly on slower consumption growth.Between 2016 and 2017,the GOG share increased by 1 percentage point as a result
214、 of a continuing rise in Europe,at the expense of OPE,the rise in Asia as China introduced market pricing for direct sales from upstream producers to large users,the general recovery in spot LNG cargoes.The OPE share was almost unchanged,with the losses to GOG being partly offset by an increase in A
215、sia Pacific,mainly in Malaysia and Indonesia.The BIM share was down almost half a percentage point reflecting the switch in Indonesia to OPE.The RCS share increased by over half a percentage point,largely as a result of the change in Malaysia away from RSP,which was down almost one percentage point.
216、RBC was broadly unchanged.Between 2017 and 2018,the GOG share rose by one percentage point largely reflecting the increasing share of spot LNG cargoes in LNG imports and rapidly growing US consumption,more than offsetting the declining share in pipeline imports,as a result of reduced European pipeli
217、ne imports and increased China pipeline imports.OPE share declined by half a percentage point,with the loss in LNG imports being partly offset by gains in pipeline imports and domestic production in China.RCS was largely unchanged but RSP declined by a quarter of a percentage point,reflecting slower
218、 consumption growth in countries with RSP and a switch away in Argentina to RCS.In turn RCS lost share in China to OPE.Between 2018 and 2019,the GOG share rose by one percentage point,at the expense of OPE,largely as a result of rising GOG in LNG imports both traded markets and spot LNG cargoes and
219、a more rapid decline in OPE pipeline imports in Europe.RCS was down by half a percentage point,while RSP declined by a quarter of a percentage point,a decline in Russia and Ukraine.RBC rose marginally as Turkmenistan eliminated free gas but still maintained subsidies.Between 2019 and 2020,the GOG sh
220、are rose by another one percentage point,largely driven by rising spot LNG imports,at the expense of OPE,together with rising shares in domestic production in Russia and Israel.OPE gained slightly in domestic production in China and Malaysia.RCS declined by one percentage point reflecting the change
221、s in Malaysia.RSP gained slightly in Indonesia.Between 2020 and 2021,the GOG share was down marginally with a rising share in LNG(traded markets and hub-indexed contracts)and a decline in pipeline imports,largely reflecting rapid demand growth in Turkey and a switch more pipe imports into Spain,with
222、 lower LNG imports,plus more pipeline gas into China from Central Asia and Russia.As a consequence,the OPE share rose slightly.The RSP share also rose reflecting increasing demand growth in Indonesia and the Middle East.In the dramatically changed global market of 2022,the GOG share rose again by 1.
223、5 percentage points,mostly at the expense of the OPE share,rising to over 50%of global gas consumption for the first time.There was a significant rise in the GOG share in Europe as spot LNG imports increased sharply and as some of Turkeys contracted pipeline imports from Russia switched to hub prici
224、ng away from oil indexation.In addition,the pricing of pipe imports into Tunisia changed to GOG from OPE.Spot LNG imports also rose in South Korea and Chinese Taipei,and rising Section 3 World Results36WHOLESALE GAS PRICE SURVEY 2023 EDITION consumption in Russia added to GOG.Taken together,these mo
225、re than offset the decline in GOG in Asia as China and Pakistan reduced spot LNG imports.The OPE share at 17.5%is now back equal to its lowest ever level previously reached in 2014,although the OPE volume increased by 100 bcm.Overall,over the 2005 to 2022 period,OPE has declined by 6.5 percentage po
226、ints,GOG has risen by 19.5 percentage points,BIM has declined by 2.5 percentage points,RCS has risen by 8 percentage points,RSP risen by 2 percentage points and RBC declined by 20 percentage points.For the first time,the global GOG share is above 50%.In terms of absolute volumes,OPE increased by som
227、e 100 bcm,and GOG by 1,150 bcm a 130%increase.BIM and NET were also down slightly.The regulated categories in total saw their volume increase by just over 100 bcm.Global gas consumption in 2005 was some 2,860 bcm and had risen to 4,082 bcm by 2022,an increase of some 1,122 bcm,slightly less than the
228、 rise in the volume of GOG over the same period.Effectively,all the rise in global gas consumption between 2005 and 2022,has been matched by rising GOG consumption,although that hides the fact that consumption has risen strongly in many countries with heavily regulated markets,such as in the Middle
229、East,and that there have been significant changes towards GOG in other markets,notably in Europe,and in LNG markets in Asia and Asia Pacific.While there have been a number of significant changes over the period of the surveys between the 8 categories,as described above,the changes have been almost w
230、holly within larger groupings of categories,until very recently.The categories of OPE,GOG,BIM and NET can be broadly described as “market”pricing,while the categories of RCS,RSP,RBC and NP can be broadly described as“regulated”pricing.The figurebelow compares the changes in the“market”and“regulated”
231、categories over the fourteen surveys.Figure 24 Market and Regulated Pricing 2005 to 2022MarketRegulated80%70%60%50%40%30%20%10%0%20052000202021202237WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World Results The move away from regulated pricing in the Russian market to GOG
232、as the independent producers began to compete with each other and Gazprom to sell gas to the power sector and large industrials this was partly reversed in 2014 with more“regulated”pricing;A similar move in Argentina,to GOG,as the eligible market opened up,and more recently in Nigeria;The changes,si
233、nce 2013,in China where there was initially a move to OPE in 2 provinces away from RCS which in 2014 became nationwide for incremental production over 2012 levels and then in 2015 for all sectors except residential and fertilizers some of this OPE in 2017 switched to GOG and halfway through 2018 the
234、 move to OPE for residential city-gate pricing.In 2020,Malaysia moved away from RCS to OPE in its domestic pricing;The pricing reforms in India,which began in late 2014,moving pricing away from RSP to GOG;and The rise in new LNG importers,importing at OPE and/or GOG,to enhance or replace domestic pr
235、oduction which was regulated.3.7 ANALYSIS OF GAS-ON-GAS COMPETITION AND OIL PRICE ESCALATION3.7.1 Gas-on-Gas CompetitionThe rise in GOG from 31%of total world consumption in 2005 to 51%in 2022 and in which regions,has been discussed in some detail above.It has been noted earlier that GOG is not one
236、homogeneous category and can be considered to comprise the following types of pricing mechanisms:Trading what is generally thought of as GOG where the price is determined by the interplay of supply and demand and is traded over a variety of different periods(daily,monthly,annually or other periods).
237、Trading takes place at physical hubs(e.g.Henry Hub)or notional hubs(e.g.NBP in the UK).This will also include longer term contracts into markets where there is little or no trading at hubs,but where the price is linked to hub prices in markets where there is liquid trading.Bilateral there is no trad
238、ing market or hub but there are multiple buyers and sellers distinguishing this from BIM providing the competitive element.This is largely in parts of Australia,Russia,Argentina and now China.In many of these markets,the GOG pricing will be influenced by significant regulated segments.Spot LNG spot
239、LNG cargoes where the price of the cargoes reflects the current supply-demand situation.The total of“market”pricing rose from 62%in 2005 to 72%in 2022,mirrored by a decline in“regulated”pricing,from 38%in 2005 to 28%in 2021.Changes in percentages between surveys can arise because of actual changes i
240、n price formation mechanism or because of more rapid growth in consumption in countries with a specific type of price formation mechanism.The switch to“market”pricing is down to thefollowing:Section 3 World Results38WHOLESALE GAS PRICE SURVEY 2023 EDITIONThe figure below breaks down the GOG percenta
241、ges over the fifteen surveys into these 3 categories.Figure 25 Changes in GOG in Total Consumption by Type 2005 to 202213TradingBilateralSpot LNG55%50%45%40%35%30%25%200520002020212022The Trading category is by far the largest dominated by North America and increasingly Europe
242、and has increased from 30%of total world consumption in 2005 to 38%in 2021 a rise of 8 percentage points.The Bilateral category has risen from 1.1%to 8.4%-a rise of 7.3 percentage points,while the Spot LNG category has risen from 0.2%to 4.2%-a rise of 4 percentage points.The total rise in GOG betwee
243、n 2005 and 2022 has been 19.5 percentage points.Over the period as a whole,40 percent of the rise in GOG has come from the Bilateral category and is largely in Russia together with much smaller changes,in volume terms,in Argentina and,latterly,Australia,Israel,Nigeria and China.The rise in the Tradi
244、ng category is almost entirely due to changes in the European market,both in terms of increased trading volumes and contract renegotiations.This was supplemented at the end of 2014 indexation to hub prices in India,away from RSP for domestic production,in 2019 by rising LNG imports into Europe,and i
245、n 2021 by increased hub-indexed LNG contracts.The changes in the Spot LNG category have been variable over time reaching a peak of 2.2%in 2012 before falling back in 2013 and 2014 as the number of spot LNG cargoes declined.The share then rebounded in 2015,as spot LNG cargoes recovered,declined again
246、 in 2016 as LNG trade became more contracted,followed by sharp rebounds in the four years to 2020,before a slight fall in 2021,but then a rise again in 2022 as spot LNG to Europe increased sharply.3.7.2 Change in GOG and OPE by Consumption CategoryIn terms of the three different categories of consum
247、ption domestic production,pipeline imports and LNG imports,the figure below shows the changes in GOG over the fifteen surveys.13 In order to emphasise changes the vertical axis starts at 25%.39WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsFigure 26 Changes in GOG by Consumption Categ
248、ory 2005 to 20222005 2007Domestic productionPipe importsLNG imports2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022100%80%60%40%20%0%Apart from the rise in domestic production share between 2007 and 2010,as a result of the changes in Russia and,to a lesser extent,in Europe,the share
249、of GOG has been relatively stable.Similarly,the share in LNG imports has also not changed much since 2007,fluctuating largely in response to changes in spot LNG cargoes,until the increases in the last five years.The big rise has been in pipeline imports,almost all inEurope,although that has levelled
250、 off since 2017,and even declined slightly in 2021 before recovering in 2022,with the rise in LNG imports driving the overall rise in GOG.Figure 27 Changes in OPE by Consumption Category 2005 to 20222005 2007Domestic productionPipe importsLNG imports2009 2010 2012 2013 2014 2015 2016 2017 2018 2019
251、2020 2021 2022100%80%60%40%20%0%40WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsThe similar chart for changes in OPE,is the mirror image of the GOG chart for LNG imports,and for pipeline imports.For domestic production,the share declined continuously from 2005 to 2013,principally dow
252、n to the changes in Europe,before recovering by some 3.5 percentage points through to 2016,principally reflecting the pricing changes in China and,to a lesser extent in Australia and Vietnam.OPE pipeline imports picked up in 2021,reflecting the rapid demand growth in Turkey and Spain andincreased pi
253、pe imports into China from Central Asia and Russia,but fell back again in 2022,as Turkey switched away from OPE in its Russian gas contracts.As noted earlier,the share of OPE had fallen to 17.5%of total world consumption in 2022,from 24.1%in 2005.In volume terms,however,there was an increase to 714
254、bcm from 697 bcm in 2005.Total world consumption grew by 43%over the same period some 1,122 bcm.Out of the 714 bcm in 2022,some 301 bcm was domestic production,154 bcm was pipeline imports and 259 bcm LNG imports.Domestic production has grown in volume terms since 2005,but the share in 2021 was only
255、 1 percentage point above the share in 2005 see figure 24 above.Pipeline imports had fallen sharply in volume terms,as a result of the shift away from OPE in Europe,while LNG imports grew in volume terms,with the share declining as already discussed.42%of OPE in 2022 was in domestic production,and,a
256、s shown in the figure below,of this 47%is in China.It is mainly in the Asia and Asia Pacific regions.The categorisation,in some countries,as OPE is not necessarily as clear as the familiar oil indexation in both pipeline imports and LNG imports,and there is often an overlay of regulation involved.Ch
257、ina is a good example of this,where city-gate prices fromdomestic production have been very broadly linked to liquid fuels prices for a number of years,but the decision to change these prices has been overseen by the state.If China continues with pricing reforms,then this element of domestic product
258、ion could change to a different category possibly GOG but again this would be a very different GOG from that seen in the North American and European trading markets14.3.7.3 Where are the main OPE areas?Figure 28 OPE Domestic ProductionChina 47%Malaysia 13%Pakistan 9%Thailand 8%Brazil 7%Kuwait 6%Aust
259、ralia 3%Vietnam 3%Myanmar 1%Philippines 1%Other 2%13 As for Russia where the large GOG category is very different from European GOG.41WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 3 World ResultsPipeline imports are the more traditional type of oil indexation,seen initially in Europe but now mostly
260、 replaced there by GOG.China is the largest OPE pipe importer,with imports from Central Asia,Myanmar and,since the end of 2019,from Russia.In Asia Pacific,Thailand and Singapore imports are also OPE,while in Europe,Turkey,Italy and Spain are the largest OPE importers,with smaller volumes in Germany,
261、while Other Europe is largely Southeast Europe,including Greece,and the Baltic countries.While the share of OPE in LNG imports has fallen significantly since 2016,as GOG has risen,it still represents the majority of LNG imports.Out of the 259 bcm in 2022,some 195 bcm(or 75%)was in the Big 5 Asian ma
262、rkets Japan,China,South Korea,Chinese Taipei and India.The rest of the Asia and Asia Pacific regions added an additional 28 bcm(or some 1%)half from Pakistan and Thailand.Spain,France and Turkey in Europe accounted for some 23 bcm.Kuwait,Italy,Portugal,Poland,Greece and Jordan also have OPE LNG impo
263、rts.Figure 29 OPE Pipeline ImportsChina 47%Turkey 14%Italy 10%Russian Federation 6%Thailand 4%Brazil 4%Singapore 4%China Hong Kong 3%Germany 2%Hungary 2%Other Europe 8%Other 3%Figure 30 OPE LNG ImportsJapan 25%China 24%South Korea 14%Chinese Taipei 6%France 4%Spain 3%Thailand 3%Pakistan 3%Bangladesh
264、 2%Other AS and AP 3%Other 7%India 6%42WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 1Section 4Wholesale Price Levels43WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 4 Wholesale Price Levels4.1 INTRODUCTIONThis section covers the full results and analysis on wholesale price levels at the overall Wo
265、rld level and comprises:The results for the 2022 survey;and Comparisons across the fifteen surveys.In considering wholesale price levels across regions,markets,or price formation mechanisms,it should be noted that the wholesale price can cover different points in the gas chain wellhead price,border
266、price,hub price,city-gate price so the comparison of price levels is not always“like for like”.Comparisons,therefore,should be treated with utmost caution and taken only as a broad indication.4.2.1 Price Levels by Price Formation Mechanism4.2 2022 SURVEY RESULTSThe figure below shows a snapshot of w
267、holesale prices for 2022 by price formation mechanism15.Figure 31 Wholesale Prices in 2022 by Price Formation MechanismOPEGOGBIMNETRCSRSPRBC16.014.012.010.08.06.04.02.00.0$/MMBTUThe highest prices in 2022 were still,just,in the OPE category at$13.86 per MMBTU,despite the huge rise in spot prices aro
268、und the world.Prices in the GOG category averaged$12.12 per MMBTU.However,the price level in the GOG category is heavily influenced by the relatively low prices in North America and Russia,but the rise in global spot prices,as the market tightened enormously following the start of the Russia war wit
269、h Ukraine,increased the GOG prices relative to 2020 and 2021.If the lower priced markets of North America and Russia were excluded then the balance of GOG prices would be,on average,$24.68,almost double the OPE levels.In the regulated categories,it can be seen that the prices in the RCS category are
270、 higher than those in RSP and,in turn,RBC which were the lowest at$1.71 per MMBTU in 2022.15 It should be noted that on an individual country basis no break down has been made of the price level for different price formation mechanisms within the country,so the same price level is applied to all mec
271、hanisms.This simplifying assumption is not considered to have any material influence on the conclusions.Section 4 Wholesale Price Levels44WHOLESALE GAS PRICE SURVEY 2023 EDITION4.2.2 Price Levels by Region and CountryFigure 32 Wholesale Prices in 2022 by Region0.05.010.015.020.025.0$/MMBTU30.035.0Mi
272、ddle EastAfricaFSULatin AmericaAsia PacificAsiaEuropeNorth AmericaWholesale prices can obviously vary significantly from year to year.In 2022,prices in Europe were by far the highest,reflecting the rising spot prices,at$32.48 per MMBTU.Asia Pacific had prices averaging$14.56 and Asia had average pri
273、ces at$10.24.OPE is the primary pricing mechanism in both regions,so were much less impacted by the higher spot prices.Prices in North America in 2022 were below the average for LatinAmerica,but had risen above other regions.Prices in the Former Soviet Union,in$terms,and the Middle East,were at broa
274、dly similar levels,with Africa prices slightly higher.These conclusions are further reinforced when wholesale prices are viewed at the country level.The figure below includes all markets with consumption greater than 8 bcm in 2022.45WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 4 Wholesale Price Le
275、velsFigure 33 Wholesale Prices in 2022 by MarketThe highest wholesale prices in 2022,as in 2021,were found in Europe and not the main LNG importing markets in Asia Pacific.The 10 highest prices were in Europe,especially in Central and Eastem Europe,plus Ukraine because of spot imports,and were all a
276、bove$20 per MMBtu.The main LNG importing markets Japan,South Korea,China,Chinese Taipei and Singapore are now lower down the list.Prices in Spain were significantly lower than other European countries,reflecting the higher share of OPE prices.Prices remained relatively lower in the USA,comparable to
277、 some African and Middle East countries.Prices in Russia have continued to be well below other countries,which,a few years previously,they had been above,as a consequence of the large rouble depreciations.At the bottom of the chart are generally countries where wholesale prices were subject to some
278、form of regulation and often below the cost of production and transportation Turkmenistan,Algeria and Venezuela.0.05.010.015.020.025.0$/MMBTU30.035.040.045.050.0AustriaHungaryNetherlandsPolandItalyGermanyBelgiumUnited KingdomFranceUkraineSouth KoreaChinese TaipeiTurkeySingaporeJapanSpainThailandBraz
279、ilAustraliaIndiaChinaMalaysiaPakistanKuwaitUSARomaniaMexicoIndonesiaBangladeshIraqArgentinaColombiaIsraelBahrainCanadaEgyptTrinidadBelarusNigeriaOmanPeruUnited Arab EmiratesAzerbaijanRussian FederationUzbekistanIranSaudi ArabiaQatarKazakhstanTurkmenistanAlgeriaLibyaVenezuela46WHOLESALE GAS PRICE SUR
280、VEY 2023 EDITIONSection 4 Wholesale Price Levels4.3.1 Changes in Wholesale Prices by Price Formation Mechanisms4.3 COMPARISONS 2005 TO 2022The figure below compares changes in wholesale price levels across the fifteen surveys by price formation mechanisms.Figure 34 Wholesale Prices Levels 2005 to 20
281、22 by Price Formation MechanismIn 2005 the highest prices by price formation mechanism were for GOG at$8.10 per MMBTU,but these declined between 2005 and 2009,before levelling off at around$4.50,followed by small rise to the$5.30 range in 2013 and 2014.This was followed by sharp declines in 2015 and
282、 2016 reaching$3.04.There was a rise in 2017 to$3.78,with prices rising in all markets,and in 2018 to$4.36,largely driven by rising Europeanhub prices.GOG prices fell sharply in 2019 as spot prices collapsed to their lowest levels since 2016,followed by another Covid-induced fall-m in 2020 to$2.80 t
283、he lowest level ever recorded.In contrast OPE prices rose significantly from$5.47 per MMBTU in 2005 to just under$11.00 in 2013,as oil prices increased,remaining around that level through 2014,before declining to around$8.00 in 2015 and$6.00 in 2016,following the oil price fall.OPE prices also rose
284、back in 2017 to$6.58,as oil prices recovered,and to$7.59 in 2018,before declining slightly in 2019 to$7.40,and further to$6.12 in 2020.There were also general increases in prices over time in the regulated price categories as well,through to 2014,although in 2015 and 2016 this trend was reversed,pri
285、ncipally due to sharp dollar declines in the FSU as currencies depreciated.These again were reversed in 2017 as some predominantly regulated countries increased prices.Regulated prices levelled off in 2018 and 2019,with weak FSU prices being offset by stronger prices elsewhere,but declined slightly
286、again in 2020.In 2021,prices in the OPE and GOG categories both rose,reflecting higher oil prices and much higher spot prices in the main GOG markets.In 2022,prices rose sharply again as spot prices soared.As noted above,the GOG price,excluding North America and Russia,was well above the OPE price.S
287、ection 4 Wholesale Price Levels47WHOLESALE GAS PRICE SURVEY 2023 EDITION4.3.2 Changes in Wholesale Prices by RegionThe figure below compares changes in wholesale price levels across the thirteen surveys by region.Figure 35 Wholesale Price Levels 2005 to 2022 by Region35.030.025.020.015.010.05.00.020
288、05 2007 2009$/MMBTU2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022North AmericaEuropeAsiaAsia PacificAfricaWorldLatin AmericaFSUMiddle EastAt the world level,on average,wholesale prices have risen between 2005 and 2013 from around$4.47 per MMBTU to$5.57.This rise was across all regions a
289、part from North America,where the dramatic increase in shale gas supply has led to a sharp drop in prices with a small rebound in 2013.The rise in prices in Europe and Asia Pacific has been well documented and studied,but prices have also risen in Asia,largely due to increases in prices in China,bot
290、h as more gas was imported and regulated domestic prices increased,and in India for similar reasons.In 2014,though,prices in Europe began to decline as the market weakened and,in the FSU especially,as the rouble depreciated.This accelerated in 2015,and prices also fell back in North America and Asia
291、 Pacific on the back of weak demand,abundant supply and the impact of the sharp fall in oil prices.However,some regions did not see the sharp 2014 and 2015 fall in prices.These were Asia,as pricing reforms and inertiaincreased and kept prices up in China and India,the Middle East as regulated prices
292、 were increased in Bahrain,Oman and Iran,with other prices staying stable and Africa where prices increased in Egypt,Nigeria and Algeria.In 2016,prices declined further in all regions apart from Africa and the Middle East,with average world wholesale price falling to$3.35 per MMBTU,the lowest level
293、in all surveys,up until then.In 2017,prices generally rose again in all regions as the global supply demand situation tightened and oil prices rose.Price also increased,however,in the more regulated regions of the Former Soviet Union,Africa and the Middle East.Section 4 Wholesale Price Levels48WHOLE
294、SALE GAS PRICE SURVEY 2023 EDITIONIn 2018,prices increased in all regions,except for the Former Soviet Union,where Russian prices fell in$terms.The average world wholesale price in 2018 was$4.38 per MMBTU the highest average price since 2014.These rises were reversed in 2019,the average price fallin
295、g to$3.88 per MMBTU,as global supply raced ahead.Prices across the world declined again in 2020,with the average price reaching its lowest ever level at$3.24.Since 2015,prices in Asia,Asia Pacific and Europe broadly tracked each other,but this link was broken in 2019 as spot prices collapsed which i
296、mpacted the European market much more than Asia and Asia Pacific where prices barely changed from 2018 levels.These differences widened further in 2020 as spot prices collapsed again.European prices are now much closer to the World average than they have ever been,breaking decisively from Asia and A
297、sia Pacific prices.2021 saw a very sharp increase in average European prices to some$13.38 per MMBTU from$3.75 in 2020.This took European prices above Asia Pacific prices for the first time since 2013.Average world wholesale prices rose to$5.54 per MMBTU from$3.24 in 2020,just below the highest ever
298、 global average of$5.58 in 2013.Prices in North America still remained relatively low but doubled in 2021,reaching their highestlevel since 2014.2022 saw prices rise sharply again and,with Europe prices over$30 per MMBTU,this dragged up the average World price to$9.44 per MMBTU its highest price eve
299、r.The highest prices ever were also recorded in all other regions apart from North America and the Former Soviet Union.4.4 ANALYSING THE POST-COVID RISE IN GAS PRICESIn looking at wholesale price levels,the survey only really considers the annual average prices.2021 and 2022 have seen unprecedented
300、increases in spot prices globally and also in price volatility,from the depths of 2020 as Covid-19 crippled the world economy.Prices have eased back somewhat in 2023,but they remain above pre-crisis levels and market conditions keep them susceptible to further volatility.In order to understand,in mo
301、re detail,what happened to prices since Covid-19,it is worth considering the progression in monthly prices.The monthly,rather than daily,prices better reflect the underlying supply demand balance in the world,as they are the most traded contracts in the market.Before considering 2021 and beyond,a br
302、ief look back to 2019 will help set the scene.In 2019,prices in Asia and Europe were on a downward trend with plentiful new LNG supply coming on the market,against the background of only slowly rising demand.As a result,prices dipped briefly below$4 per MMBTU in Europe.As Covid-19 hit in 2020,global
303、 demand fell,with supply continuing to rise in the first half of the year,and prices collapsed further TTF reached a low of$1.55 in June 2020,JKM a low of$2.06 in July2020 and Henry Hub a low of$1.50 in the same month.The result was that a lot of LNG cargoes,especially from the US,were shut-in durin
304、g the summer of 2020.With the impact of Covid-19 receding late in 2020,the scene was set for 2021 and a“perfect storm”hit the markets.The 2020/21 winter was uniformly cold across the northern hemisphere,with Europe,Russia and Asia being hit.Gas demand rose sharply and the JKM price shot up in Februa
305、ry 2021.LNG was diverted to Asia,away from Europe,and prices in Europe remained subdued because of high levels of gas instorage in Europe.Gas production in Russia was at record high levels through 2021 but much of that was needed to meet domestic demand and also refill depleted Russian storage.Secti
306、on 4 Wholesale Price Levels49WHOLESALE GAS PRICE SURVEY 2023 EDITIONFigure 36 Spot Prices 2019 to 20231680.0070.0060.0050.0040.0030.0020.0010.00-$/MMBTUJan-19Feb-19Mar-19Apr-19May-19Jun-19Jul-19Aug-19Sep-19Oct-19Nov-19Dec-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20Jan-
307、21Feb-21Mar-21Apr-21May-21Jun-21Jul-21Aug-21Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-22Sep-22Oct-22Nov-22Dec-22JKMHHTTFAt the start of summer 2021,demand growth remained strong,especially in China,as the world economy recovered f
308、rom Covid-19,and the lack of rainfall in Latin America,led to severely reduced hydropower in Brazil,with LNG imports rising sharply to offset the shortage.Europe and Asia were also trying to refill their storage,as was Russia.At the same time LNG export capacity was declining rather than increasing,
309、with feedgas issues at plants in Trinidad and Nigeria,extended maintenance at numerous plants,catching up from missed maintenance periods in the Covid-hit 2020,plus technical issues at a number of other plants and Norways export plant being down because of a fire in late 2020.All this led to a conti
310、nuous run-up in prices throughout the summer.Russian pipeline flows to Europe remained at relatively strong levels through August,but then Russia reduced spot gas volumes on offer,while at the same time,the European buyers began reducing their contracted volumes nominations17 and buying more on the
311、spot market.With strong demand,prices rose sharply again in the final quarter of 2021.Even Henry Hub prices began rising,driven by higher demand,both domestic and for LNG exports,plus the need to rebuild storage with less abundant supply in a further tightening market.Entering 2022,this pattern of s
312、trong demand and tight supply was repeated,so even before the Russia Ukraine war,prices had reached a record of well over$30 per MMBTU.Following the start of the Russia Ukraine war,prices jumped again on the fear that pipeline flows from Russia could be dramaticallyreduced.With Russia flows continui
313、ng at even higher levels,as European buyers stepped up their contractpurchase nominations,prices eased back slightly in the end of the first quarter of 2022.Europe began to import substantially more spot LNG,with cargoes diverting from Asia and Latin America markets on the 16 Data sources are S&P Gl
314、obal and Argus.17 Buyers nominate on a daily basis the amount of gas they want to receive under the long-term contract within a range specified in the contract.50WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 4 Wholesale Price Levelsbetter spot price offering.Increasing LNG supply helped as well,as
315、the supply constrain issues from 2021were gradually resolving and new plants in the US came online to provide additional volumes.This was also helped by sharp declines in Chinas LNG demand,reflecting continuing COVID lockdowns,and weaker demand in Brazil as hydropower picked up.In April and May of 2
316、022,pipe flows from Russia to Europe began to fall off again,with flows to Russias Gazproms European subsidiaries stopping,along with contracts cancellations following a refusal of some buyers refused to comply with the newly imposed roubles currency payment mechanism by Gazprom.In June,flows on Nor
317、dstream 1 pipeline(the main supply route from Russia to the European consumers)fell sharply,ostensibly because of reduced compressor availability,with one compressor being in Canada for maintenance and several others offline awaiting maintenance.This pushed prices even higher,reaching over$50 per MM
318、BTU towards the end of June for both TTF and JKM.Prices rose even further,peaking in September(on the monthly index)around the time of the explosions damaging the Nordstream pipelines.From then on prices eased and have continued to do so in 2023,as the combination of mild weather,sharp falls in Euro
319、pean gas demand,China gas demand remaining weak,high levels of European gas storage,and rising LNG supply reduced the pressure on prices.Prices appear to be stabilising at$10 per MMBTU or above as we head to winter,with the market remaining tight but the high levels of gas in European storage is pro
320、viding a valuable backstop.However,full storage is only one variable of many,including weather and global and regional demand patterns as supply remains tight,which will determine the market behaviour in the second half of 2023.The Wholesale Price Heat Map below illustrates which were the high and l
321、ow-priced markets in 2022.The highest-priced markets in deep red are where the wholesale price was above$20 per MMBTU in 2022,in orange where the price was between$15 and$20 per MMBTU,in yellow between$10 and$15 per MMBTU,light green between$5 and$10 per MMBTU and in deep green below$5 per MMBTU.51W
322、HOLESALE GAS PRICE SURVEY 2023 EDITIONSection 4 Wholesale Price LevelsFigure 37 Wholesale Price Heat Map 2022 More than$20 per MMBTU$15 to$20 per MMBTU$10 to$15 per MMBTU$5 to$10 per MMBTULess than$5 per MMBTUCANADAUNITED STATESGREENLANDICELANDCUBAJAMAICADOMINICA REPUBLICHAITIMEXICOEL SALVADORHONDUR
323、ASBELIZECOSTA RICANICARAGUAGUATEMALAECUADORPERUBRAZILBOLIVIAURUGUAYPARAGUAYARGENTINACHILESOUTH AFRICAMADAGASCARANGOLANAMIBIABOTSWANAZIMBABWEDR CONGOCONGOGABONEQUATORIALGUINEACAMEROONCENTRALAFRICANREP NIGERIANIGERMALIALGERIALIBYAEGYPTSUDANSOUTHSUDANCHADTURKEYMOROCCOMAURITANIAWESTERN SAHARATHE GAMBIAG
324、UINEA-BISSAUGUINEASIERRA LEONELIBERIACOTE DIVOIREGHANATOGOBURKINAFASOBENINSENEGALPORTUGALSPAINIRELANDNORWAYDENMARKGERMANYBELGIUMNETHERLANDSPOLANDBELARUSUKRAINECZECH REPITALYFRANCEMONACOSLOVAKIAMOLDOVAGEORGIAARMENIAAZERBAIJANTURKMENISTANUZBEKISTANKAZAKHSTANAFGHANISTANPAKISTANINDIA KYRGYZSTANTAJIKISTA
325、NSYRIAIRAQJORDANLEBANONISRAELSAUDI ARABIAKUWAITIRANQATARBAHRAINOMANYEMENUAEPALESTINIAN TERRITORYCYPRUSESTONIALATVIALITHUANIAHUNGARYAUSTRIAROMANIABULGARIAGREECEBOSNIA&HERZOGOVENIASERBIASLOVENIASWITZERLANDCROATIAMONTENEGROALBANIAMALTATUNISIASWEDENFINLANDRUSSIACHINAHONG KONGPHILIPPINESTIMOR-LESTEPAPUA
326、NEW GUINEABRUNEICHINESE TAIPEISOUTH KOREANORTH KOREAMYANMARSRI LANKALAOSTHAILANDMALAYSIACAMBODIAVIETNAMMONGOLIANEPALBHUTANBANGLADESHJAPANNEW ZEALANDAUSTRALIAINDONESIAUNITED KINGDOMTANZANIABURUNDISOMALIAETHIOPIADJIBOUTIERITREAKENYAUGANDARWANDAZAMBIAMOZAMBIQUEMALAWIESWATINILESOTHOVENEZUALAGUYANASURINA
327、MEFRENCH GUIANAPUERTO RICOTRINIDAD AND TOBAGOCOLOMBIAPANAMAFigure 38 Change in Demand Map 2022 v 2021More than 10%decline5%to 10%decline0%to 5%decline0%to 10%increaseMore than 10%increaseCANADAUNITED STATESGREENLANDICELANDCUBAJAMAICADOMINICA REPUBLICHAITIMEXICOEL SALVADORHONDURASBELIZECOSTA RICANICA
328、RAGUAGUATEMALAECUADORPERUBRAZILBOLIVIAURUGUAYPARAGUAYARGENTINACHILESOUTH AFRICAMADAGASCARANGOLANAMIBIABOTSWANAZIMBABWEDR CONGOCONGOGABONEQUATORIALGUINEACAMEROONCENTRALAFRICANREP NIGERIANIGERMALIALGERIALIBYAEGYPTSUDANSOUTHSUDANCHADTURKEYMOROCCOMAURITANIAWESTERN SAHARATHE GAMBIAGUINEA-BISSAUGUINEASIER
329、RA LEONELIBERIACOTE DIVOIREGHANATOGOBURKINAFASOBENINSENEGALPORTUGALSPAINIRELANDNORWAYDENMARKGERMANYBELGIUMNETHERLANDSPOLANDBELARUSUKRAINECZECH REPITALYFRANCEMONACOSLOVAKIAMOLDOVAGEORGIAARMENIAAZERBAIJANTURKMENISTANUZBEKISTANKAZAKHSTANAFGHANISTANPAKISTANINDIA KYRGYZSTANTAJIKISTANSYRIAIRAQJORDANLEBANO
330、NISRAELSAUDI ARABIAKUWAITIRANQATARBAHRAINOMANYEMENUAEPALESTINIAN TERRITORYCYPRUSESTONIALATVIALITHUANIAHUNGARYAUSTRIAROMANIABULGARIAGREECEBOSNIA&HERZOGOVENIASERBIASLOVENIASWITZERLANDCROATIAMONTENEGROALBANIAMALTATUNISIASWEDENFINLANDRUSSIACHINAHONG KONGPHILIPPINESTIMOR-LESTEPAPUA NEW GUINEABRUNEICHINES
331、E TAIPEISOUTH KOREANORTH KOREAMYANMARSRI LANKALAOSTHAILANDMALAYSIACAMBODIAVIETNAMMONGOLIANEPALBHUTANBANGLADESHJAPANNEW ZEALANDAUSTRALIAINDONESIAUNITED KINGDOMTANZANIABURUNDISOMALIAETHIOPIADJIBOUTIERITREAKENYAUGANDARWANDAZAMBIAMOZAMBIQUEMALAWIESWATINILESOTHOVENEZUALAGUYANASURINAMEFRENCH GUIANAPUERTO
332、RICOTRINIDAD AND TOBAGOCOLOMBIAPANAMA52WHOLESALE GAS PRICE SURVEY 2023 EDITIONSection 4 Wholesale Price LevelsAs in 2021,Europe was dominated by the high-priced markets in 2022,with South Korea and Chinese Taipei also averaging over$20 per MMBTU,on the back of increase spot LNG imports.Countries lik
333、e Japan,Turkey and Spain,which are also heavily dependent imports,had prices less than$20 per MMBTU,with a mixture of oil-indexed and spot prices.Markets such as Brazil,China and India,import significant volumes but mixing with domestic production reduces the average wholesale price.Markets with prices below$10 per MMBTU are largely those with almost all their consumption met by domestic productio