"For 11 months of 2022, according to the first preliminary estimates and available operational data, global demand has decreased by 55 billion cubic meters. It should be noted that a decrease in gas consumption in the 27 EU countries amounted to about 50 billion cubic meters, in the UK — more than 6 billion cubic meters," the statement read.
Since 2021, energy prices in Europe have been surging as part of a global trend. However, the situation deteriorated after the beginning of Russia's military operation in Ukraine in February 2022, when Brussels adopted of several packages of sanctions against Moscow. The restrictions aimed to curb imports of Russian gas and the global energy markets, resulting in skyrocketing prices. Rising inflation and cost-of-living crises forced European governments to resort to contingency measures.
Record-high energy prices and the switch to puchase US LNG - which is more expensive that Russian supplies - also caused a major blow for European industry.