In the latest OIES podcast, from the Gas Programme, James Henderson talks with Bill Farren-Price and Mike Fulwood about the impact of the war in Iran on the global gas market. After a review of the political situation in the Gulf and the state of the gas infrastructure, we discuss the impact on physical supply and prices, looking at where shortages are already emerging and how key consumers are responding. We then analyse the potential for alternative sources of supply, both via LNG and pipeline, and debate whether the EU might condone a return of imports from Russia. We also look at the possible impact of EU regulation on market dynamics, especially if strict storage targets are re-imposed. For the longer term, we then conclude by discussing whether the crisis might change the perception of gas in major importing countries and question whether countries in Asia might become less enthusiastic about switching away from indigenous coal.
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