The European energy crisis and the consequences for the global natural gas market

Simone Emiliozzi, Fabrizio Ferriani and Andrea Giovanni Gazzani

No 824, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: The Russian invasion of Ukraine in February 2022 led to severe disruptions in the European gas market, with significant repercussions on a global scale. The conflict caused a surge in energy prices, a major reshuffling of global natural gas flows, and a shift in the policy-makers' agendas towards energy supply security. This paper describes the global gas market and analyses the consequences of the war, focusing in particular on the European gas market and on global LNG trade flows. We first review the characteristics of the gas market in terms of both pricing benchmarks and contractual terms. Next, we analyse the changes to LNG and natural gas production, consumption, and trade flows throughout the 2022-23 energy crisis. Finally, we review the main policy response to the energy crisis and present some considerations on the gas market outlook.

Keywords: natural gas; energy crisis; LNG; fragmentation (search for similar items in EconPapers)
JEL-codes: L95 P28 Q35 (search for similar items in EconPapers)
Date: 2023-12
New Economics Papers: this item is included in nep-cis, nep-eec, nep-ene, nep-env, nep-int and nep-tra
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.bancaditalia.it/pubblicazioni/qef/2023-0824/QEF_824_23.pdf (application/pdf)

Related works:
Journal Article: The European Energy Crisis and the Consequences for the Global Natural Gas Market (2025)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bdi:opques:qef_824_23

Access Statistics for this paper

More papers in Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area Contact information at EDIRC.
Bibliographic data for series maintained by (angela.barbaro@bancaditalia.it).