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We start with a review of short-term issues in the oil, gas and electricity markets. Bassam Fattouh and
Andreas Economou consider the outlook for oil demand over the next 12 months and discuss the ability
of OPEC+ producers to manage a gradual increase in production to balance the market, even as
demand growth is expected to soften. Their conclusion is that the oil price will remain within a $70-90
per barrel range, while refilling depleted storage will be a key issue. Price volatility, in light of
considerable uncertainty about both supply and demand, as well as political responses to high prices
will remain dominant issues in 2022. Anupama Sen, David Robinson and Rahmat Poudineh then
discuss government responses to current electricity price volatility, using the UK and Spain as examples
of different responses to providing protection for low-income consumers. They see the issue becoming
increasingly relevant as the energy transition progresses and suggest that government intervention
could become less and less effective unless energy policy is well designed.
In a somewhat similar vein, Mike Fulwood and Jack Sharples consider the outlook for gas prices and
supply to Europe and the implications for the global LNG market. Replenishing European storage will
be a critical issue in 2022, with LNG supply, Asian demand and pipeline exports from Russia being key
drivers to watch.

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