In this report, we look at how cost of gas evolves over the forecast period and how this impacts our view of gas pricing. A period of oversupply is on the horizon for the global gas market. The key determinants of global price formation over this period are expected to be competition between Russia and US exports into Europe. At the same time, Europe's other major piped suppliers will also defend their own market share with cost competitive supply. Longer term, oversupply will ease and a supply-demand gap will emerge. This will create opportunities for new supply to enter the mix. Picking which projects win is difficult. However, it is the cost of these new, more expensive projects which will underpin price rises post-2025. .