International Energy Agency Executive Director Fatih Birol said competition between Europe and Asia for winter liquefied natural gas cargoes could further tighten the market and keep prices rising. According to Sina Finance, he said disruptions to Qatar's LNG shipments, which normally account for about one-fifth of global supply, have driven buyers into the spot market and pushed Asian LNG prices to their highest level since 2022.
Birol said in Seoul that if Europe faces a cold winter, Europe and Asia may compete for resources, which could further lift LNG prices. He also said that new projects in the United States, Canada, Australia, and Malaysia are expected to come online in the coming years, easing price pressure as supply increases.
Birol's visit to Seoul was aimed at advancing the agency's Asia energy resilience initiative, RISE ASIA. According to Sina Finance, the multilateral agreement covers Asian countries including South Korea and focuses on reducing vulnerability to oil and LNG supply disruptions, strengthening power systems, and accelerating electrification.
Birol said South Korea, one of the world's major LNG importers, should continue to promote electrification, maximize renewable energy use with nuclear power support, and diversify its natural gas supply sources.