By: Reuters

The Iran war has already led to a ​loss of about 120 billion cubic metres of ‌global liquefied natural gas supply over the 2026 to 2030 period, Gergely Molnar, an analyst from the International Energy ​Agency, said on Thursday.

Speaking at the ​Budapest LNG Summit, Molnar said the ⁠conflict was reshaping the medium-term gas outlook, ​with tighter market conditions likely to persist ​longer than previously expected.

I'm an engineer, but I have a passion for problems.

He said the crisis had cut LNG supply by around 15%, but a ​strong increase in new liquefaction capacity ​was expected to offset lost volumes from Qatar ‌and ⁠the United Arab Emirates.

Iranian attacks have knocked out 17% of Qatar's LNG export capacity, threatening supplies to Europe and Asia ​ahead of ​the summer ⁠season typically used to fill up storage ahead of the ​winter.

As European Union storage levels are ​some ⁠30% below their five-year average, filling them up to the 90%-full target will require ⁠an ​additional 10 bcm of ​gas, according to the IEA's Molnar.

Reporting by Krisztina Than ​and Marek Strzelecki, Editing by Louise Heavens

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