New uptick in global gas prices possible in summer, fall of 2023 - VEB chief economist

YEKATERINBURG. Nov 16 (Interfax) - Global prices for gas could fall somewhat, but will go up again in the summer and fall of 2023, VEB.RF chief economist Andrei Klepach said.

"We see that prices are currently at a fairly high level [...]. But I think that oil prices will nevertheless begin to fall, they've already gone down a tiny bit, at the beginning of next year, as well. As concerns gas, the peak, on the one hand, has passed, and on the other, [prices] are at an extremely high level in Europe and in Asia, as well," Klepach told journalists on the sidelines of the Cities of Russia 2030: Challenges and Actions strategic development forum in Yekaterinburg on Wednesday.

Gas prices may decrease somewhat, particularly if there is a mild winter, but then there will be a new uptick, he said.

"I think that a new uptick awaits us in the summer and fall of next year, a rise in gas prices, if geopolitical conflict issues are not resolved. Reserves will be drained, and it's not possible to replenish them with LNG alone," Klepach said.

"There will be big problems in Europe, in the world," prior to the new heating season, he said.

Gas prices could "go toward $2,000 and higher," Klepach said.

Inflation will correspondingly be high globally, significantly higher than last year and the year before.