Paris:The International Energy Agency (IEA) has reported that the global gas market has evolved to become more flexible and complex. This development is attributed to the expansion of spot trading and the rise in liquefied natural gas (LNG) contracts that offer more adaptable terms, enhancing interconnections between regional markets and bolstering their ability to withstand supply disruptions.
According to Azeri-Press news agency, the IEA’s “Global Gas Security Review 2026” highlights that LNG flows through the Strait of Hormuz have virtually halted, leading to a reduction of over 60 billion cubic meters in shipments from Qatar and the United Arab Emirates between March and October this year. This disruption has driven gas prices in Asia and Europe to their highest levels since the 2022-2023 gas supply crisis.
The report further observes that since its initial publication in 2016, the global gas market has seen significant changes, becoming more flexible, liquid, and interconnected, albeit more complex. It also analyzes how structural changes over the past decade have transformed global gas markets and aided importing countries in certain regions to manage the supply shock arising from the ongoing conflict in the Middle East.