Energy prices climbed significantly in the first quarter of 2022, driven by solid demand and supply-side constraints exacerbated by Russia’s invasion of Ukraine. However, recently, oil and gas prices have retreated from their peaks. Factors, including global recession fears, have led to a steady price decline.
However, with supply constraints due to turbulent geopolitics and extreme weather events acting to keep demand robust, global energy consumption is expected to grow by 1.3% in 2023 as many countries use fossil fuels to manage their energy transition.
