Wholesale Gas Price Survey 2024 Edition

The International Gas Union (IGU) today releases its 2024 Global Wholesale Gas Price Survey report, the 16^th undertaken since 2005.

The global gas markets have continued to experience a period of significant transformation, with the most important trend being the growth of the share of competitively priced gas-on-gas (GOG) competition, largely at the expense of oil-price-escalation (OPE) pricing, and forms of regulated pricing. Following the shocks to prices in 2022, where the GOG share rose to over 50% (50.5%) of global gas consumption for the first time, the share fell back to just under 50% (49.7%) in 2023, a result of a move in India’s domestic pricing to OPE (which now dominates the market in India) and relatively weak European demand.