LNG markets may tighten further in 2023 as demand likely to rise: IEA Chief

LNG markets in 2023 may be tighter than this year as demand may rise in China, India and other parts of Asia, the head of the International Energy Agency (IEA) said on Thursday.

“We may well see that the LNG markets in 2023 will be rather tight, maybe tighter than this year,” said Fatih Birol in remarks at the LNG Producer-Consumer Conference in Japan.

Global gas prices have surged to record levels this year, as Russia’s gas supply cuts have placed enormous strain on the European and global market.

High wholesale gas prices in Europe has seen the bloc import record amounts of LNG cargoes, drawing in volumes from top importing region Asia.