A record wave of new liquefied natural gas supply was meant to usher in a prolonged period of lower prices. Governments from India to Southeast Asia crafted energy strategies that would allow them to use the surplus to move away from a heavy reliance on coal.
After seven weeks of war in the Middle East that have caused the world¡¯s worst-ever energy crisis, those assumptions now look like distant, wishful thinking.
The near-closure of the Strait of Hormuz and the serious damage sustained by Qatar¡¯s LNG export plant has sent prices higher and buyers scrambling for alternatives. Gas¡¯s reputation as a reliable and affordable energy source has taken a serious hit, and plans for its speedy adoption in Asia¡¯s developing nations have been derailed, with potentially long-lasting consequences.
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