IEA: Middle East Conflict Reshaping Medium-Term Gas Outlook

The IEA reports that the Middle East conflict has led to approximately 120 billion cubic meters of global liquefied natural gas supply loss over the 2026-2030 period. European gas storage levels are 30% below the five-year average, requiring an additional 10 bcm to reach the 90% target. New liquefaction capacity is expected to offset some losses, but market conditions are likely to remain tighter for longer.