IEA Reports Iran War to Tighten Global Natural Gas Market for Two Years
The International Energy Agency (IEA) has released a report indicating that the ongoing conflict in Iran is expected to significantly impact global natural gas supplies for the next two years. The war, which has led to the closure of the Strait of Hormuz, has disrupted the supply of liquefied natural gas (LNG) from Qatar, a major exporter. Iranian strikes have damaged the Ras Laffan Industrial City, reducing Qatar's LNG capacity by 17%. The IEA predicts that it could take up to five years to repair the damage, which will delay the anticipated global LNG expansion. This disruption is expected to result in a cumulative loss of 120 billion cubic meters of LNG supply through 2030. The report also notes that natural gas demand fell in March due to higher commodity prices and policy measures aimed at reducing usage. 
