全球能源市場前景及投資研究報(bào)告-培訓(xùn)課件外文版2024.5石油天然氣煤炭

DIGITAL

&

TRENDSGlobal

energy

crisisAreporton

the

energy

crisis

worldwideThe

past

two

years

have

transformed

the

energy

landscapeExecutive

summarySince

2021,

the

worldhas

beenimmersed

inaglobal

energy

crisis

thathas

greatly

affectedenergy

prices,

contributed

to

inflation,

and

has

hadconsequences

for

households,

industry,

and

the

economy

overall.During

the

lasttwo

years,

natural

gas,

electricity,

and

coal

have

reachedprices

never

seenbefore,

and

oil

has

beenatits

highest

price

since2008.?

High

and

volatile

energy

prices,

withhigher

bills

for

households

andbusinesses,

contributing

to

the

cost-of-living

crisis

and

rising

inflation.?

A

profound

realignment

of

energy

trade

flows,

with

brokenrelationships

between

established

energy

partners,

such

as

Russiaand

Europe.?

Changes

inenergy

consumption,

with

an

overall

decrease

in

naturalgas

demandinmany

regions

due

to

high

prices

and

unavailability.Several

countries

also

increased

coal

consumption

as

an

alternative.A

variety

of

factors

have

contributed

to

the

tightening

of

energymarkets

since

2021.

In

that

year,

the

rapid

recovery

following

thecoronavirus

pandemic

led

to

asituation

in

whichenergy

supply

couldnot

keep

up

withdemand.

Insufficient

energy

investment

inpreviousyears

also

playedarole.

In

February

2022,

Russia’s

invasion

of

Ukraineandthe

trade

disruptions

that

followed

greatly

exacerbated

thesituation,

especially

in

Europe,

aregion

traditionally

reliant

on

Russianfossil

fuels.

Furthermore,

climate

abnormalities

in

several

parts

of

theworld,

such

as

droughts

and

heatwaves

thatledto

decreasedhydropower

production

in

Europe,

China,

Brazil,

and

the

western

U.S.,have

also

contributed

to

the

tensions

in

energy

markets.?

A

renewedinterest

in

clean

energy

technologies.

With

fuel

prices

atanall-time

high,

renewables

have

risen

more

than

ever

asacheaperand

more

viable

alternative.

Many

governments

around

the

worldhave

responded

to

the

crisis

withlegislation

favoring

clean

energysources.This

report

explores

the

effects

that

the

energy

crisis

has

beenhavingworldwide,including

anoverview

of

energy

prices

and

theirconsequences

for

consumers,

the

realignment

of

energy

trade

since

thebeginning

of

the

Russia-Ukraine

war,

andthe

implications

of

the

crisisfor

the

cleanenergy

transition.These

eventshave

brought

important

changes

to

the

energy

landscapeworldwide,including:Source(s):

Bloomberg;

IEA;

World

EconomicForum301Energy

prices

worldwide?

Fossil

fuel

price

indices?

Energy

prices

inEurope?

Household

energy

prices?

Impact

on

consumersEnergy

prices

reached

unprecedented

levels

in

2022How

have

energy

prices

increased

around

the

world?The

last

two

years

have

seen

record

increases

in

energy

pricesup

from

eightpercent

one

year

earlier.

Low-income

households

wereworldwide,withthe

cost

of

natural

gas,

electricity,

and

coal

reachingunprecedented

levels

–

especially

inEurope,

which

was

particularlyaffectedby

the

trade

disruptions

following

Russia's

invasion

of

Ukraine.For

instance,

in

August

2022,

the

European

natural

gas

benchmark,

theDutch

TTF,

stood

at1,600

index

points

relative

to

the

base

year

2016(see

page

8).

However,

it

was

not

only

Europe

that

saw

disproportionateprices.

Asia,

the

world’s

largest

consumer

of

liquified

natural

gas

(LNG),registered

a

price

index

of

728

points

in

that

same

month,

whichwasmore

than

aseven-foldincrease

relative

to

2016.

Coal

prices

alsosawsignificant

increases

over

the

past

two

years,

asmany

countries

turnedto

coal

as

analternative

for

power

generation

amid

high

gas

prices

andconstricted

supply.

This,

inturn,

ledelectricity

prices

to

skyrocket.hitparticularly

hard,

having

to

spend

abigshare

of

their

earnings

ongas

andelectricity

bills

andbecoming

more

vulnerable

to

energypoverty.

Many

countries

have

allocated

funding

to

ease

the

burden

onhouseholds

and

businesses.

BetweenSeptember

2021andJanuary2023,

the

European

Union,

the

United

Kingdom,

and

Norway

allocatedsome

869

billion

euros

to

protect

consumers

from

rising

energy

prices(see

page

14).In

developing

economies,

especially

those

reliant

on

energy

imports,

thesituation

is

more

critical.

The

International

Energy

Agency

(IEA)estimates

that

75millionpeople

who

recently

obtained

access

toelectricity

are

at

risk

of

notbeing

able

to

pay

for

it.

For

the

first

time

inadecade,

the

number

of

people

without

access

to

reliable

energy

sourceshas

beenincreasing.This

situation

has

affectedconsumers

all

around

the

world.

Withhousehold

and

industrial

energy

prices

soaring,

many

are

struggling

topay

the

bills.

In

2020,

energy

andutilities

were

highlighted

as

thecommodity

that

most

people

struggled

to

pay

for,

according

to

arecentsurvey

(see

page

13).

In

the

European

Union,

household

energy

costswere

estimated

to

reach

15percent

of

gross

disposable

income

in

2022,Higher

energy

costs

are

also

linkedto

price

increases

of

other

goodsandservices,

thus

contributing

greatly

to

global

inflation

and

slowereconomic

growth.Source(s):

Bruegel;

Goldman

Sachs;

IEA;

IMF5Fuelprices

remained

exceptionally

high

for

most

of2021

and2022Selected

monthly

fossil

fuel

price

indices

from

January

2020

to

March

2023Priceindex

(2016=100)Coal,

AustraliaCrude

oil,

WTICoal,

South

AfricaNatural

gas,

TTFCrude

oil,

BrentCrude

oil,

Duba

iLNG,

AsiaNatural

gas,

Henry

Hub1.6001.4001.2001.0008002020202120222023600400dwide;

January2020to

March

2023;

LNG

stansforLiquified

Natural

Gas;

TTF

standsforTitleTransferFacility,

thereferencenatural

gas

trading

market

in

Europe;

WTI

stands

forWest

Texas

Intermediate

and

constitutes

one

of

the

main

oil

benchmarks

w

orldwide.Source(s):

IMF;

ID

13703536How

does

the

2022

energy

shortage

compare

to

previous

crises?Global

energy

price

spikes

from

1979

to

2022,

by

fuelPricein

U.S.

dollars

per

barrel

of

oil

equivalentAlthough

the

world

haslivedthrough

severalenergy

crises,

the

current

one

is

considered

bysome

to

be

the

firstone

that

has

beentrulyglobal.

Previous

crises

were

more

isolated,affectingmainly

oil,

whereas

today,

prices

havespikednot

only

for

oil

but

across

all

fuels.Crude

oilNatural

gasCoal170Adjusting

for

inflation,

the

price

of

oil

during

the1979

and

2008

shocks

stood

atsome

119

and

127U.S.

dollars

per

barrel

of

oil

equivalent,127100119respectively.

In

comparison,

the

price

of

oil

wasestimated

to

average

93

U.S.

dollars

per

barrel

in2022.

However,

prices

for

natural

gas

and

coalwere

estimated

at

170

and61U.S.

dollars

perbarrel

of

oil

equivalent,

respectively,

the

highestever

recorded.

Energy

prices

have

increased

allover

the

world,

although

Europe

has

beenparticularly

affected

by

the

price

increase

due

tonatural

gas

shortages.9361723346197920082022*Note(s):

Worldwide;

1979

to

2022;

figureshavebeen

adjusted

forinflation;*forecastSource(s):

Visual

Capitalist;

ID

1331652Source(s):

IEA7European

gas

futures

skyrocketed

in

the

summer

of2022Weekly

Dutch

TTFgas

prices

from

January

2021

to

April

2023Gas

futures

in

euros

per

megawatt-hourFollowingthe

outbreak

of

the

Russia-Ukrainewar

on

February

24,

Dutch

TTF

gas

futures,the

European

natural

gas

benchmark,skyrocketed

in

the

week

betweenFebruary

28andMarch

7,

reaching

227euros

permegawatt-hour.

In

the

followingmonths,prices

rose

to

evenhigher

levels,

peakingat276.8

euros

per

megawatt-hour

during

thelast

week

of

August.

Since

then,

prices

havedropped

consistently,

trading

at

lower

valuesover

the

past

few

months

and

averagingroughly

41euros

per

megawatt-hour

duringmid-April

2023.202120222023276,75This

decrease

inprices

has

beenlargely

dueto

anunusually

mildwinter

and

to

the

largeamounts

of

liquifiednatural

gas

imported

andgas

stockpiled

inthe

region.

In

addition,36,8717,89Europe

significantly

reduced

gas

consumptionby

changing

behaviors

in

2022

(see

page

26).Note(s):

Europe;

January

4,

2021to

May

8,

2023Source(s):

IntercontinentalExchange;ID

12672028Gas

is

the

second

largest

source

ofelectricity

in

the

EUElectricity

prices

in

EuropeHigher

fuel

prices

have

ledtoconsiderable

increases

in

the

cost

ofelectricity.

In

the

EU,

approximately20

percent

of

electricity

is

generatedwithnatural

gas.

WholesaleAverage

monthly

electricity

wholesaleprices

in

selectedcountries

in

the

European

Union

(EU)

from

January2020

to

March

2023

(in

euros

per

megawatt-hour)Distribution

of

electricity

generationin

Europein2021,

by

sourceItaly2020GermanyFrance2022Swedenelectricity

prices

peaked

in600500400300200100025%20%Nuclear20212023September

2022,surpassing

543euros

per

megawatt-hour

in

Italy,492

euros

in

France,

and469

eurosinGermany.

Sweden,

whichuses

alow

share

of

gasfor

powergeneration,

did

not

see

aspronounced

a

growth.Natural

gasCoal14%13%13%HydroWindEurope

has

some

of

the

world’shighest

gas

and

electricity

prices.

InSeptember

2022,natural

gas

pricesfor

households

were

the

highest

inDenmark

and

Italy,where

they

paid0.58

U.S.

dollars

per

kilowatt-hour(see

page

10).6%5%SolarBiofuel2%

Oil2%

OtherNote(s):

Europe;

2021Source(s):

BP;

Electricity

Maps;

Eurostat;

Governmentof

Iceland;

IEA;

VisualCapitalist;

ID

1318905Note(s):

EU;

January

2020to

March

2023;

day-ahead

pricesSource(s):

Ember;

ID

12675009European

households

have

the

highest

gas

and

electricity

pricesHouseholds

paid

almost

50U.S.

cents

perkilowatt-hour

fornatural

gas

in

the

Netherlands.Denmark

and

Italy

have

thehighest

electricity

prices.Global

prices

for

householdsinSeptember

2022(U.S.

cents

per

kilowatt-hour)Natural

gas

0.149.2Electricity0.257.9Disputed

areasNote(s):

Worldwide;

September2022Source(s):

GPP10Energy

was

the

number

one

commodity

that

people

struggled

topay

for

in

2022People

struggling

to

pay

for

basic

needs

worldwide

2022,

by

commodityAccording

to

aglobal

survey

carried

out

inTotal

53%August

2022,

almost

half

of

respondentswere

atleast

slightly

struggling

to

pay

forenergy

andutilities.

The

increase

in

energyprices

experienced

in2022

has

putincreased

pressure

on

many

householdsand

businesses.48%38%35%People

inmany

countries

are

worriedabout

energy

expenses.

Globally,

56percent

of

respondents

from

28

countrieswere

concerned

about

their

ability

to

payfor

gas

andelectricity

bills.

Countries

suchasSouth

Africa,

India,

and

Turkeyweresignificantly

worried,

each

withmore

than70percent

of

respondents

expressingconcern

(see

page

12).29%26%24%Energy

and

utilitiesFoodBasic

clothingand

shoesHousingpaymentsHealth

andmedical

careCreditcard

loa

nsand

repaymentsNote(s):

Worldwide,

Australia,Canada,China,France,

Germany,

Italy,

Japan,Netherlands,

UnitedKingdom,United

States;

August

1to

8,

2022;

11,000

respondents;

16

years

and

olderSource(s):

Dynata;

ID

135322011More

than

half

ofsurvey

respondents

were

worried

about

theirability

to

pay

their

energy

billsConcern

about

ability

to

pay

for

energy

bills

in

selected

countries

worldwide

2022Very

concernedFairly

concernedDo

not

know/not

statedNot

very

concernedNot

at

all

concernedSouth

AfricaIndia54%25%4%12%5%5%42%36%31%4%14%22%9%Turkey35%2%HungaryGreatBritainChile33%33%36%39%3%4%21%21%21%19%22%10%31%8%7%10%8%5%6%30%3%Poland28%37%37%43%6%Brazil28%27%5%ArgentinaPeru3%22%25%37%3%29%Global

country

average23%33%5%27%12%Note(s):

Netherlands;

May

27

to

June

10,

2022;

21,515

respondents;

16

to

74

yearsSource(s):

Ipsos;

ID

138069012Household

energy

costs

as

a

share

ofgross

disposable

incomehave

increased

greatlyEuropean

households

are

increasingly

having

difficulties

affording

energy

billsHousehold

energy

costs

as

a

share

of

grossdisposableincomein

the

European

Unionfrom2020

to

2021,

with

a

forecast

to

2023Generally

speaking,

how

often,

if

at

all,have

you

struggled

to

afford

the

followingin

the

past

three

months?

Energy

bills,e.g:home

heating,

electricity,

etcIn

Europe,

household

energycosts

were

estimated

toaccount

for

ashare

of

15percent

of

gross

disposableincome

in2022,

up

from

eightpercent

one

year

earlier.23%Always0%Most

of

the

time20%

40%Occasionally60%

80%Never100%Many

households

reportedhaving

struggled

to

affordenergy

billsduring

the

summermonths.

Italians

were

amongthe

most

affected,withonly

23percent

reporting

to

havenever

struggled

during

thattime.

Natural

gas

is

the

mostconsumed

energy

source

inItaly,

and

thus

consumers

wereparticularly

affected

by

theincrease

in

energy

prices.ItalyFranceSpainGermany8%7%GreatBritainDenmarkSweden202020212022*2023*Note(s):

Europe;

September6,

2022to

September28,

2022;

8,771Note(s):

Europe,

EU;

2020to

2021;

*forecastSource(s):

Eurostat;

Goldman

Sachs;

ID

1333600respondents;

18

years

and

older13Source(s):

YouGov;ID

1339303Source(s):

BPThe

EU

has

spent

over

750

billion

euros

to

shield

customers

fromhigh

energy

pricesAllocated

government

funding

in

Europe

from

September

2021

to

January

2023,

by

countryGovernment

earmarked

and

allocated

funding

in

response

to

the

energy

crisis

in

selectEuropean

countries

between

September

2021

and

January

2023

(in

billion

euros)To

shield

customers

from

highenergy

prices,

governments

havebeenimplementing

severalmeasures

such

as

reduced%

GDPenergy

taxes,

price

regulations,transfers

to

vulnerable

groups,or

support

for

businesses.Germany

7.4%264,6United

Kingdom

3.8%Italy

5.2%103,392,792,1France

3.7%Spain

3.4%BetweenSeptember

2021

andJanuary

2023,

EUcountriesallocated

some

758

billion

eurosto

protect

households

andbusinesses,

with

Germany

alonespending

265

billion

euros,roughly

7.4

percent

of

its

grossdomestic

product

(GDP).

In

theUnited

Kingdom,

some

103billion

euros

were

also

allocated,whichtranslates

into

3.8

percentof

the

country’s

GDP.40,8Austria

5.3%Poland

2.2%Greece

5.2%Belgium

1.9%Czechia

3.8%Romania

3.8%Portugal

4.2%Norway

2.0%Ireland

1.3%21,312,49,59,49,29,08,98,15,4(1)

Note(s):

Europe,

EU;

September2021

to

January

2023Source(s):

Bruegel;

ID

1380815(2)

Note(s):

Europe,

EU;

September2021

to

January

2023Source(s):

Bruegel;

ID

energy

trade

andnatural

gas

consumption?

Fossil

fuel

exports

bycountry?

Russian

fossil

fuel

exports?

Energy

dependency

in

Europe?

Liquefied

natural

gas

market?

Global

gas

consumptionRussia’s

invasion

ofUkraine

has

reshaped

the

energy

landscapeHow

globalenergy

trade

flows

changed

during

2022Although

energy

markets

were

already

under

pressure,

Russia’sinvasion

of

Ukraine

further

intensifiedthe

energy

shortage

andsignificantly

disrupted

global

energy

trade.

The

energy

traderelationship

between

Russia

and

Europe

was

broken.

Many

see

thisas

apermanent

shift,

asRussia

didnot

prove

to

be

areliable

energy

partner.although

much

of

the

gas

previously

sent

to

Europe

has

notfoundnewmarkets.Although

it

has

nothad

the

same

impact,

other

fossil

fuels

have

alsobeensubject

to

trade

disruptions.

Apart

from

natural

gas,

Russia

is

alsoone

of

the

world’s

largest

exporters

of

crude

oil

andoil

products.

Alongwiththe

economic

sanctions

imposed

against

Russia,

the

EuropeanUnion

issued

aban

on

Russian

crude

oil

andrefinedpetroleumproducts,

prohibiting

imports

to

the

EU.

The

ban

came

into

force

inDecember

2022for

crude

oil

andfor

petroleum

products

in

February2023.

Apart

from

the

European

Union,

most

of

the

G7

countries

andAustralia

have

introduced

bans

or

limitations.

Furthermore,

a

price

capon

Russian

seaborne

crude

oil

and

oil

products

of

60

U.S.

dollars

perbarrel

of

crude

oil

was

agreed

upon

by

the

International

Price

Capcoalition,

which

iscomposed

of

Australia,

Canada,

the

European

Union,Japan,

the

United

Kingdom,

and

the

United

States.

Thishas

ledto

aconsiderable

decrease

in

Russian

oil

prices

and

the

emergence

of

newmarkets,

such

asChina

andIndia,whichhave

become

by

far

the

largestimporters

of

crude

oil

and

petroleum

productsfrom

Russia.Shortly

after

Ukraine’s

invasion,

Gazprom,

a

Russian

multinationalenergy

company,

started

restricting

the

flow

of

natural

gas

to

Europe.

Inhindsight,

the

state-owned

company

hadalready

started

constrainingsupply

in2021,

emptying

its

gas

storage

facilities

inWestern

Europe

touncommonly

low

levels.In

March

2022,

Gazprom

banned

Europeancustomers

from

paying

ineuros

and

U.S.

dollars

in

response

to

Westernsanctions

and

demanded

payment

inrubles,

cutting

off

the

buyers

thatrefused.

Later

that

year,

the

Nord

Stream

pipeline,

whichwas

the

mainexport

route

of

Russian

gas

to

the

European

Union

and

the

UnitedKingdom

until

July

2022,

was

shut

downfor

maintenance

for

ashortperiod

during

July

andAugust

andindefinitely

from

September

5,

2022,onwards.

The

Yamalpipeline,

whichruns

across

Poland,

has

alsostopped

supplying

gas

since

mid-May

2022.

To

mitigate

these

losses,Russia

started

diverting

larger

quantities

of

natural

gas

to

China,Source(s):

Bruegel;

CentreforResearch

on

Energy

and

Clean

Air;

Council

of

theEuropean

Union;

Financial

Times;

IMF;

Time16Russia

was

the

world’s

leading

natural

gas

exporter

before

the

warFossil

fuel

exports

in

2021,

by

countryLeading

gas

exporting

countries

in2021,by

export

type

(in

billion

cubic

meters)Leading

crude

oil

and

oil

products

exportersworldwide

in

2021,

by

region

or

country

(in1,000

barrels

per

day)Russia

isone

of

the

largestexporters

of

fossil

fuels

worldwide.Prior

to

the

Russia-Ukraine

war,

in2021,

the

country

ranked

as

theleading

exporter

of

natural

gas

withmore

than

240

billion

cubic

meters.Mostof

this

gas

was

imported

byEurope,

whichis

connected

toRussia

by

ahandful

of

pipelines.Pipeline

exportsLNG

exportsMiddle

East*Russia14.074RussiaUnited

StatesQatar241,38.2347.8927.696179,3United

StatesSaudi

ArabiaAsia-Pacific**Canada127,9113,1108,16.5664.6663.9423.041NorwayRussia

is

also

amajor

exporter

ofcrude

oil

and

oil

products,

trailinginsecond

worldwide

after

theMiddleEast.

In

2021,

Russiaexported

over

eight

millionbarrelsof

oil

and

oil

products

on

a

dailybasis.

Since

the

beginning

of

thewar,

however,

the

volume

of

fossilfuels

exported

by

Russia

has

beenon

adownward

trend.AustraliaCanadaWest

Africa75,955,042,123,322,1EuropeSouth

and

Central

AmericaNorth

Africa2.9872.664AlgeriaTurkmenistanNigeriaOther

CIS***Mexico2.1201.2341.842IndonesiaRest

of

the

worldNote(s):

Worldwide;

2021Source(s):

BP;

ID

217856Note(s):

Worldwide;

2021;

*excluding

Saudi

Arabia;

**excludingJapan;

***CIS:

Commonwealth

of

Independent

States.Source(s):

BP;

ID

28097217China

is

now

the

leading

importer

ofRussian

fossil

fuelsDaily

fossil

fuel

export

volume

from

Russia

between

January

2022

and

March

2023,

by

regionExport

volume

in

thousand

metric

tonsIn

2022,

Europe

went

from

beingthe

mainimporter

of

Russian

fuels

to

rankingsignificantly

lower.

Meanwhile,

new

marketssuch

asChinaand

Indiahave

emerged.These

two

countries

are

currently

the

largestimporters

of

Russian

crude

oil,

whichistrading

at

asignificantly

discounted

price.

Inthe

case

of

natural

gas,

substitution

is

moredifficult,

and

Russia

is

struggling

to

reroutethis

fossil

fuelto

other

countries.

During2022,

ashare

of

natural

gas

was

diverted

toChinathrough

the

Power

of

Siberia

pipeline,whichdelivered

around

15

billion

cubicmeters

(bcm)

of

natural

gas

in2022

and

isexpected

to

supply

avolume

of

22

bcm

in2023.

A

major

infrastructure

project,

thePower

of

Siberia

2

pipeline,

whichwoulddeliver

gas

to

Northern

China

viaMongolia,is

currently

under

discussion.

This

newpipeline

could

carry

some

50

bcm

of

naturalgas

in2030.ChinaEuropean

UnionUnited

KingdomIndiaSouth

KoreaTurkeyUnited

StatesRest

of

the

world2.0001.8001.6001.4001.2001.0008002022

(Jan.

14)20236004002000Note(s):

Russia;

January

14,

2022to

April

13,

2023Source(s):

Centre

forResearch

on

Energy

and

Clean

Air;

ID

1378485Source(s):

Enerdata;

Reuters18Russia’s

fossil

fuel

revenue

has

been

gradually

decliningRussian

fossil

fuel

exports

in

2022,

by

typeExport

volume

of

fossil

fuels

from

Russiafrom

January

14,

2022

to

April

13,

2023,by

fuel

(in

1,000

metric

tons)Estimated

revenue

from

fossil

fuel

exportsin

Russia

from

January

to

December

2022,by

type(in

million

euros

per

day)Although

Russia’s

fossil

fuelexport

volume

was

lower,

thecountry

managed

to

keeprevenue

high

during

most

of2022.

As

prices

dropped

throughthe

last

months

of

the

year,however,

fossil

fuelrevenuesdecreased

considerably.

InDecember,

Russia’s

earningsfrom

fossil

fuel

exports

wereroughly

30percent

lower

than

inMarch,

when

they

peakedat

anaverage

of

more

than

one

billioneuros

per

day.

Pipeline

naturalgas

has

seen

the

largest

drops

inrevenue.

In

March,

itaccountedfor

roughly

30percent

of

thecountry’s

fossil

fuel

revenue,whereas

inDecember,

this

sharehaddropped

to

just

over

13percent.CoalCrude

oilLNGOil

productsPipeline

gas2.0001.8001.6001.4001.2001.0008001.2001.00080060040020002022

(Jan.

14)20236004002000Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

DecNote(s):

Russia;

January

14,

2022to

April

13,

2023Source(s):

Centre

forResearch

on

Energy

and

Clean

Air;

ID

1378465Note(s):

Russia;

January

to

December2022Source(s):

CentreforResearchon

Energy

and

Clean

Air;ID

131444819Natural

gas

dependency

in

the

EU

has

been

on

the

rise

inrecent

yearsNaturalgas

production

and

dependency

in

the

European

UnionNatural

gas

production

in

the

European

Union

from

1998

to

2021

(in

billion

cubic

meters)European

production

of

natural

gas

hasbeendecreasing

year

after

year

sincethe

mid-2000s.

Natural

gas

deposits

inthe

North

Sea

makeNorway,the

UK,and

the

Nether