It is a Global Energy Crisis

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Russia says it may cut oil output up to 7% over price cap. Reuters.
Russia may cut oil output by 5%-7% in early 2023, as it responds to price caps on its crude and refined products, and halt sales to the countries that support them, Deputy Prime Minister Alexander Novak told state television on Friday. Detailing for the first time the Russian response to the price caps introduced by the West over Moscow's invasion of Ukraine, Novak said the cuts could reach 500,000-700,000 barrels per day (bpd). He also said that despite Europe's efforts to cut reliance on Russian oil and gas, energy exports from Russia are in demand worldwide and Moscow has been diversifying its buyers. Novak said it would be difficult to provide for global economic development without Russian energy, and predicted possible gas shortages in Europe, which has introduced restrictions on gas prices, as well as on oil.

China seen as wildcard for global natural gas market in 2023. NGI.
China’s thirst for LNG is likely to rebound in 2023, which could exacerbate the global energy crunch, but to what extent the country returns to the spot market remains unclear as it continues to grapple with Covid-19. China has eased restrictions aimed at curbing the spread of the virus. Those measures limited economic activity and energy demand, but cases have surged in recent weeks as the so-called Covid-zero policies have been undone. Assuming lockdowns aren’t implemented again, the economic resurgence is still expected to boost overall natural gas demand in China, said Wood Mackenzie’s Valery Chow, head of Asia-Pacific gas and liquefied natural gas research.