Middle East Conflict Drives European Gas Prices Higher
According to industry analysis, Qatar exported 81 million tons of liquefied natural gas in 2025, while the United Arab Emirates contributed an additional 5 million tons. Kuwait, in contrast, imported 8 million tons. As a result of the recent developments, the global market is effectively facing a shortfall of 78 million tons.
Tom Marzec-Manser, director of Europe Gas & LNG at Wood Mackenzie, said the price spike is expected to reduce demand in parts of South Asia, while weak LNG consumption in China could help stabilize the market.
"Added to that, Wood Mackenzie expects 35 million tonnes of new LNG production in 2026, and this too will help cover the current supply-demand imbalance," Marzec-Manser said and added, "But it's fair to assume that the longer the Straits of Hormuz remains shut, the higher the gas prices will go."
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