Reality has caught up with Iran, with its aim of exporting gas to Europe kicked into the long grass. Alireza Kameli, Iran’s gas exports chief, said on 11 September that the low cost of gas makes it uneconomical to invest in the necessary infrastructure.

Gas prices have been falling globally (see chart, p16). Additional US and Australian volumes coupled with slow demand growth mean “global gas prices are set to stay under pressure” for the remainder of the decade, the IEA says (MEES, 17 June). (CONTINUED - 941 WORDS)