IGU – Wholesale Gas Price Survey, 2023

The 2023 Wholesale Gas Price Survey conducted by the International Gas Union (IGU) received responses from 85 out of 113 markets, covering 91% of global gas consumption. The survey revealed that the Global Oil and Gas (GOG) share of global gas consumption increased by 1.5 percentage points in 2022, reaching over 50% for the first time. Additionally, the GOG share as a share of total imported gas volumes reached a new high of 56%. The increase in the GOG share was mainly attributed to the rise in spot LNG imports in Europe and an increase in consumption in Russia. This offset the decline in GOG in Asia, where China and Pakistan reduced spot LNG imports. Total global gas imports were down in volume terms due to a decline in Russian pipe exports to Europe, but the relative shares of GOG and OPE (Other Price Formation Mechanism) were not significantly impacted. The market map showed that Europe is now predominantly categorized as GOG, with even Spain having more GOG than OPE. Turkey is still categorized as OPE, although it only slightly exceeds GOG due to changes in pricing in Gazprom contracts. The survey also highlighted key findings in the LNG market. The share of GOG in LNG imports nearly doubled between 2016 and 2022, reaching 47% of all LNG trade in 2022. The rise in GOG share was driven by rising spot LNG imports and the significant influx of LNG to Europe's traded markets. The share of spot LNG in the market rose again to 35% in 2022, following a small decline in 2021. The GIIGNL annual report also confirmed that spot and short-term LNG contracts accounted for approximately 35% of total LNG trade in 2022.