Energy prices were already increasing with the world economy recovering from the pandemic. And the sanctions on Russia by the West exacerbated the supply-side constraints and drove energy prices to record highs. This situation has proved to be a tailwind for domestic oil and gas producers.
Also, natural gas is seen as a low-carbon alternative that would play a pivotal role in helping global economies manage the transition to clean energy and carbon neutrality. According to a report by the International Energy Agency, between 2010 and 2019, coal-to-gas switching saved around 500 million tons of CO2.
