Europe faces gas supply crisis: Escalating competition risks higher prices for consumers, emerging markets

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Europe faces gas supply crisis: Escalating competition risks higher prices for consumers, emerging markets - Business Mirror

Quick Summary:

The world is bracing for a fight for natural gas supplies this year, prolonging the pain of higher bills for consumers and factories in energy-hungry Europe and putting poorer emerging countries from Asia to South America at risk of getting priced out of the market.

China’s LNG importers have been reselling shipments for delivery through March and have largely halted purchases from the spot market, where prices are elevated. Indian gas importers have turned to cheaper alternatives, while Bangladesh has been forced to adjust purchase tenders after offer prices were too high.Egypt turned to gasoil.

The country surprised the market last year when it shifted from LNG exporter to importer as it grappled with summer blackouts, boosting purchases to the highest level since 2017, according to ship-tracking data compiled by Bloomberg.