Coal markets,like those for oil and natural gas,have experienced a turbulent threeyears as a result of the pandemic and Russia’s invasion of Ukraine,whichtriggered the first truly global energy cnisis.In 2023,coal markets have so far beeness volatile,though more turmoil could lie ahead.This Coal Market Update -which provides the latest analysis of coal demand,production,trade and prices-finds that coal demand and supply reached an all-time high in 2022,confirmingprevious forecasts.It also provides preliminary estimates for the first half of 2023and outlooks for full-year 2023 and 2024,based on recent trends and forecastsfor economic growth across regions,as well as fuel and forward curves.Giventhat coal is the single largest source of carbon dioxide (CO₂)emissions and thatglobal coal consumption has more or less plateaued for a decade,the keyquestion is when a structural decline in coal demand will begin.The analyses anddata in this Coal Market Update inform those looking to answer this question,which has major implications for efforts to reach international energy and climategoals.
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