Global gas outlook ‘improved’, but risks persist

The IEA warns against complacency, as the weather and Russian pipeline flows remain major uncertainties

The world gas market has “an improved outlook for 2023”, compared with last year’s extreme volatility, the IEA says in its latest quarterly outlook, adding that there are “grounds for cautious optimism”, a point echoed by consultants and other industry bodies. But significant risks persist, with the global supply-demand balance for gas “subject to an unusually wide range of uncertainties”, the IEA continues, warning against complacency and emphasising that “further measures [are] needed to mitigate potential risks that could quickly renew market tensions and price volatility”. Demand reduction was critical for markets last year to be able to cope with the slump in Russian supply to Europe. T