{
  "id": 12060980,
  "title": "The world is facing an almighty LNG crunch",
  "url": "https://urgent.news/2026/10/05/the-world-is-facing-an-almighty-lng-crunch",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-05T02:55:02.000Z",
  "source": {
    "name": "Hindustan Times - World News",
    "slug": "hindustan-times-world-news",
    "url": "https://www.hindustantimes.com/world-news/the-world-is-facing-an-almighty-lng-crunch-101791168668849.html"
  },
  "original_language": "en",
  "account": "Europe, grappling with the aftermath of Russia's withdrawal from gas pipelines, has been relying on Qatar, the world's leading liquefied natural gas (LNG) producer, for four years. However, the situation has become precarious. In March, Iran closed the Strait of Hormuz, prompting Qatar to declare force majeure and reduce shipments by 39 million tonnes, or 9% of global supply. Prices in Asia have soared, 140% higher than pre-war levels. Although this is still below the peak of $70 per million British thermal units (mmBtu) in 2022, the reliability of Qatar's supply is now in question.\n\nAs European utilities prepare for winter, they are counting on Asian producers like the United States, Australia, and Malaysia to fill the gap. However, this is a risky gamble, as the market's future depends on whether these alternative sources can deliver. Europe's gas storage is at a record low, and Germany's is at its lowest point on record, leaving little room for error. The European Commission is slow to act, leaving governments to potentially pay exorbitant prices for storage.\n\nIf the weather turns cold and Qatar resumes liquefaction, Europe may avoid a severe shortage. However, the looming threat of a prolonged winter and potential supply disruptions from other regions could drive prices to unprecedented levels. Qatar's own supply situation remains uncertain, with the company yet to restart its liquefaction plants. If supplies do not return soon, Europe will need an additional 20 million tonnes of LNG to prepare for the next winter, potentially driving prices even higher. The global LNG market is facing a crisis that could lead to a significant oversupply in the future, but for now, the focus is on navigating the current shortage.",
  "summary": "In time it could bring about an equally disruptive glut",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}