Natural gas markets are expected to remain tight in 2023 as Russia, one of the world’s largest exporters, further reduces supplies to Europe.
Russia’s continued curtailment of natural gas flows to Europe has pushed global prices to “painful” highs, disrupted trade and led to acute fuel shortages in some emerging economies, the Paris-based agency said on Monday in its latest market report.
This market tightness will continue well into next year, it said.
European natural gas prices and Asian spot liquefied natural gas (LNG) prices hit record highs in the third quarter of 2022.
This reduced gas demand and spurred a switch to other fuels required for power generation, such as coal and oil.
Europe’s gas consumption declined by more than 10 per cent in the first eight months of this year, compared with the same period in 2021, driven by a 15 per cent drop in the industrial sector as factories curtailed production, the agency said.
Russia’s military offensive in Ukraine and supply reductions are causing “significant” harm to consumers, businesses and entire economies, said Keisuke Sadamori, IEA director of energy markets and security.
Gas prices have surged more than sevenfold this year, tipping the European economy towards a recession and exacerbating inflationary pressures.
“The outlook for gas markets remains clouded,” Mr Sadamori said.
Global gas consumption is expected to decline by 0.8 per cent in 2022 as result of a record 10 per cent contraction in Europe and unchanged demand in the Asia-Pacific region, the agency said.
The EU, which is boosting its LNG imports to offset the loss of Russian supplies, is facing the possibility that Russia may completely stop gas deliveries in retaliation for sanctions.
If Russian supply comes to a halt and LNG inflows are low, the bloc would need to reduce its winter gas demand by 9 per cent from the previous five-year average level to maintain gas storage levels above 25 per cent, the agency said.
To sustain storage levels above 33 per cent, demand needs to be reduced by 13 per cent, it said.
The IEA expects Europe’s LNG imports to increase by more than 60 billion cubic metres this year, or more than double the amount of global LNG export capacity additions.
The current crisis also casts long-term uncertainty on natural gas prospects, especially in developing markets where it was replacing other high-emission fossil fuels, the agency said.
Natural gas demand in China and Japan, the world's biggest importers of LNG, was almost unchanged in the first eight months of 2022, compared with the same period a year earlier, while it contracted in India and Korea, the IEA said.
Demand in China is expected to rise by less than 2 per cent in 2022, its lowest yearly growth rate since the early 1990s, the report said.
Demand in North America grew, despite natural gas prices soaring to 14-year highs during the summer, the agency said.
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
McIlroy's struggles in 2016/17
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PGA Tour: 8 events, 26 rounds, 6 cuts, 0 wins, 4 top-10s, 5 top-25s, 526 points, ranked 71st
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
- Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better.
- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
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Results
2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)
2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili
3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson
3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer
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Benefits of first-time home buyers' scheme
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- Discounts on sales price of off-plan units
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Friday
Everton v Burnley 11pm
Saturday
Bournemouth v Tottenham Hotspur 3.30pm
West Ham United v Southampton 6pm
Wolves v Fulham 6pm
Cardiff City v Crystal Palace 8.30pm
Newcastle United v Liverpool 10.45pm
Sunday
Chelsea v Watford 5pm
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Ain Issa camp:
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- Of the adult population, 49 per cent men, 51 per cent women (not including foreigners annexe)
- Most from Deir Ezzor and Raqqa
- 950 foreigners linked to ISIS and their families
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Fines for littering
In Dubai:
Dh200 for littering or spitting in the Dubai Metro
Dh500 for throwing cigarette butts or chewing gum on the floor, or littering from a vehicle.
Dh1,000 for littering on a beach, spitting in public places, throwing a cigarette butt from a vehicle
In Sharjah and other emirates
Dh500 for littering - including cigarette butts and chewing gum - in public places and beaches in Sharjah
Dh2,000 for littering in Sharjah deserts
Dh500 for littering from a vehicle in Ras Al Khaimah
Dh1,000 for littering from a car in Abu Dhabi
Dh1,000 to Dh100,000 for dumping waste in residential or public areas in Al Ain
Dh10,000 for littering at Ajman's beaches
UAE SQUAD
Goalkeepers: Ali Khaseif, Fahad Al Dhanhani, Mohammed Al Shamsi, Adel Al Hosani
Defenders: Bandar Al Ahbabi, Shaheen Abdulrahman, Walid Abbas, Mahmoud Khamis, Mohammed Barghash, Khalifa Al Hammadi, Hassan Al Mahrami, Yousef Jaber, Salem Rashid, Mohammed Al Attas, Alhassan Saleh
Midfielders: Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Majed Hassan, Yahya Nader, Ahmed Barman, Abdullah Hamad, Khalfan Mubarak, Khalil Al Hammadi, Tahnoun Al Zaabi, Harib Abdallah, Mohammed Jumah, Yahya Al Ghassani
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Sheer grandeur
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- Power: 640hp
- Torque: 760nm
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Engine: 2-litre turbocharged
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Torque: 390Nm
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AT4 Ultimate, as tested
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Power: 420hp
Torque: 623Nm
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Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Transmission: Seven-speed automatic
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Company Profile
Company name: NutriCal
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