IEA: Global Gas Shortage May Persist Into 2027
The International Energy Agency (IEA) has warned that the supply shortage in the global gas market may persist into 2027. Europe is entering the heating season with the lowest gas storage levels since 2013, reports OilPrice.
The primary cause of the tension is disruptions in liquefied natural gas (LNG) shipments through the Strait of Hormuz amid the Middle East conflict. From March to October, exports from Qatar and the UAE decreased by over 60 billion cubic meters. Additional exports from other regions only partially compensated for the losses.
According to the IEA forecast, global LNG supplies will decline by 3% in 2026. Low storage levels in Europe will intensify competition for gas with Asian buyers and may sustain high prices. In the summer of 2027, European countries will need to actively replenish their storage facilities.
