Blog

Similarly, an Institute for Energy Economics and Financial Analysis (IEEFA) study from 2024 found that gas-based industries switched to fuels such as furnace oil (FO), low-sulphur heavy stock, pet coke, and naphtha during the supply shortfall and price rise after the onset of the Russia-Ukraine war. When prices and supplies ease, the move back to gas is sluggish, not sudden. LNG imports by India, for instance, fell by 17% when the prices increased in 2022, but rebounded by only 9% when the supply eased in 2023.