IEA chief: LNG market to face tough times in 2023

The liquefied natural gas (LNG) market faces a difficult period in 2023 due to the worsening energy crisis, reads the statement by Head of the International Energy Agency (IEA) Fatih Birol, Report informs referring to Milliyet newspaper.

“LNG capacity of LNG exporting countries is at a record low of 20 billion cubic meters. The amount of new LNG entering the market is very limited, we have not seen such a low increase in capacity,” Birol said.

He noted that China can win over the bulk of the LNG capacity, as the country is the largest buyer of this fuel in the world.

He added that many European countries and Ukraine itself will be under attack in 2023. If this year gas supplies from Russia to Europe fell to 60 billion cubic meters, next year they may even fall to zero. Under the current circumstances, the gap between supply and demand in the European region could reach 30 billion cubic meters.