A wave of new LNG will be seeking a market in Europe over the next five years, causing widespread oversupply and low gas prices.
Declining European indigenous supply will create some space for LNG, but not enough to accomodate the increasing level of imports. Russian exports to Europe reached record highs last year, and we expect the country to continue supplying gas at this volume. Other pipe suppliers, notably Norway and Algeria, are also investing in new capacity to sustain their current export levels.
In this video, Stephen O'Rourke, research director for global gas supply, shares our latest outlook, with a focus on the role these countries will play in the European market.
European pipe and LNG supply
Stephen O’Rourke, our research director for Global Gas Supply, shares our long-term outlook.