Matthew Chadwick, a leading analyst at British consulting company Cornwall Insight, predicted that high gas prices in Europe will remain high until at least 2030, Bloomberg reported.

"We will also see gas prices remaining above pre-pandemic levels until at least 2030," the article said.

According to the analyst, the market needs time to adjust to the change in supply and demand dynamics in Europe.

The publication says that although gas supplies from Russia were suspended in the summer of 2022, a certain amount of fuel was still coming in, but in 2023 the pipelines connecting Russia and Europe will most likely be closed.