IEA forecasts major LNG supply surge over next five years

The International Energy Agency expects a massive increase in global liquefied natural gas supply over the next five years, a development that could push LNG prices lower, the agency’s chief said on Friday.

Speaking in Brussels, Fatih Birol said around 300 billion cubic meters (BCM) of new LNG is expected to enter the global market during that period, News.Az reports, citing Reuters.

The surge in supply is likely to have a significant impact on energy markets. According to Birol, the additional LNG volumes will create downward pressure on prices, potentially easing energy costs for import-dependent countries.

Birol added that about 75% of the new LNG supply will be flexible, meaning it can be redirected between regions depending on market demand.

The remarks came after Birol met with Ursula von der Leyen, President of the European Commission, and other EU officials to discuss global energy market developments.

News.Az 

By Aysel Mammadzada