Almost two months in, the loss of around 20% of global LNG supply — 77mn t/y from Qatar and 6mn t/y from the UAE — has tightened the market, sent prices soaring while reshaping expectations for future balances. Before the shutdowns in the Gulf, the market had expected a wave of new LNG supply to lead to a surplus.
That outlook has shifted. Vitol’s Head of LNG Pablo Galante Escobar said this week the widely expected glut is likely to be delayed by at least two years. Speaking during the FT Commodities Global Summit in Lausanne on 21 April, he said Vitol expects around 20mn t/y of LNG supply to be lost in 2027 and 2028, according to shipping news outlet TradeWinds. (CONTINUED - 1089 WORDS)
