The Global Gas Market Today and Tomorrow

The Global Gas Market Today and Tomorrow

Among the events planned for the forthcoming 25th anniversary edition of the St. Petersburg International Economic Forum is a session entitled the Global Gas Market Today and Tomorrow. Participants will have the opportunity to examine how the Russian gas industry is operating in the new reality.

Gas remains the cleanest hydrocarbon energy source, and offers the greatest prospects on the global energy market. According to experts, increasing volatility in the global economy could lead to gas becoming the only form of fuel able to support efforts to meet environmental goals while preserving economic efficiency in the fuel and energy sector. By 2035, gas is expected to account for 26% of the global energy mix. Russia was the world’s second-largest producer of gas in 2021, and the leading exporter. Forty per cent of the EU’s gas supply comes from Russia.

As supplies of Russian gas to the European Union are being curtailed, so prices for utilities are rising, numerous manufacturing facilities are experiencing shut-downs, and unemployment is on the rise. Despite the pressure of sanctions imposed by a number of countries taking an unfriendly stance towards the Russian Federation, the country’s gas industry remains stable. Efforts to diversify export routes for Russian gas are being undertaken, and there is increasing interest from the Asia-Pacific region, where demand for energy is continuing to grow year on year. In addition, work is under way on expanding the use of gas domestically. In particular, the President of the Russian Federation has ordered the continuation of the gasification process in the Russian regions, including bringing gas to land plot boundaries. There are also instructions to expand the gas engine fuel market.

“Russia’s gas industry continues to operate smoothly despite the pressure exerted by unfriendly countries. We are continuing to export gas, and are working to diversify exports. Programmes to increase energy exports to the Asia-Pacific are also in the pipeline,” commented Alexander Novak, Deputy Prime Minister of the Russian Federation.

The St. Petersburg International Economic Forum will take place on 15–18 June 2022 at the ExpoForum Convention and Exhibition Centre.

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