IEA: Tight Gas Markets Will Last Through 2030

AI Summary

The International Energy Agency warns that tight gas markets are expected to persist until 2030 due to the ongoing conflicts in the Middle East affecting LNG supplies. The situation underscores potential energy shortages in the near future.

The war in Iran and the subsequent loss of LNG supply from the Middle East are altering the medium-term outlook of global natural gas balances, with tighter markets set to last longer than previously expected, a senior official at the International Energy Agency (IEA) said on Thursday. The Middle East crisis has resulted, so far, in the loss of about 120 billion cubic meters (bcm) of global LNG supply through 2030, Gergely Molnar, Energy Analyst – Natural Gas, at the IEA, said. Global LNG supplies have shrank by around 15% due to the conflict…