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. Last Updated: 07/27/2016

Gas Glut May Affect Russia

An International Energy Agency report due to be released next week says the world is facing a natural gas glut and Russia’s influence over energy supplies could be decreased, the Financial Times reported Thursday.

“Global gas markets have evolved from a seller’s market, driven by tight supply and demand, to a buyer’s market as demand weakens while new supply comes on stream,” a draft of the World Energy Outlook says.

The agency expects the world’s gas oversupply to reach 250 billion cubic meters by 2015, four times the spare capacity in 2007.

(MT)