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Europe’s Plan to Quit Russian Fuel Starts a Global Fight for Gas

  • EU needs to add LNG imports equivalent to key buyer Korea
  • Higher prices expected as Asia, Europe fight over spot LNG
Updated on

The liquefied natural gas market is primed for a global battle for supply with far-reaching repercussions as the threat of Russia cutting off Europe sends the continent scrambling for alternatives.

Russia pumps enough gas into Europe every day to cover a third of the continent’s consumption. To replace most of that supply by the end of the year, the bloc drew up a plan that requires new sources of LNG nearly equivalent to annual deliveries to South Korea, the market’s third-largest buyer.