Russia is losing influence on the gas market for decades. This is according to the International Energy Agency, as reported by Bloomberg on October 25.
The world’s demand for natural gas is set to be even lower than anticipated through 2040 as renewables take up a greater share of the energy mix, while russia’s gas-market share is set to dwindle, according to the International Energy Agency.
It is noted that russia's gas blackmail of European countries in 2022 with the goal of gaining concessions and reducing support for Ukraine has been a miscalculation by putin. European countries gradually found new suppliers and reduced gas consumption, focusing on liquefied natural gas (LNG) purchased outside of russia. Additionally, sanctions have been imposed on russian LNG producers.
According to forecasts from the International Energy Agency, russia's share in the global gas trade, which was 30% before the invasion of Ukraine, is expected to decrease to only 15% by the end of the 2030s.
The possibilities for russia to find new markets to replace the European one, to which Gazprom used to supply 150 billion cubic meters annually before the war, are extremely limited.
Previously, it was reported that Norway imposed sanctions against russia, which largely mirror the 11th EU sanctions package.