IEA’s Molnar says LNG is more back-up supply than transition fuel

Russia’s invasion of Ukraine has forever changed gas markets and prompted renewed interest in storage and previously unattractive developments, but the long-term future of the fuel is doubtful

The shock to European gas markets caused by the war in Ukraine has reverberated all around the world, raising issues about global supply and the emergence of Europe as a premium LNG market, and planting seeds of doubt in Asia around its LNG push. There are also far-reaching consequences for security of supply infrastructure and storage as well as long-term thinking around the energy transition. Petroleum Economist dives deep into the issues with this exclusive interview with Gergely Molnar, the IEA’s top LNG analyst. How has Europe's new gas strategy changed the global LNG market? Molnar: When we look back to 2022, we see the European gas market suffered a major supply shock resulting from