High gas prices in Europe may persist until at least 2027
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Gas prices in Europe may remain at a high level – on average no lower than $450 per 1000 cubic meters. m – at least until 2027. This follows from the review of the International Energy Agency (IEA) Medium-Term Gas Report 2023. It notes that gas supply and demand on the world market and the EU market are gradually coming to balance. But in 2024, against the backdrop of limited supply, prices are expected to rise by about 10% to an average of $14–15 per 1 million British thermal units (MBTU), i.e., up to $500–535 per 1,000 cubic meters. m.
In 2025–2026, according to IEA experts, prices will decrease due to the launch of new plants for the production of liquefied natural gas (LNG) in the world, but only to an average of $13/MBTU ($464 per 1000 cubic meters). This is more than double the 2016–2020 average.
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