Financial Times FT.com

Forecast of gas glut challenges Russia's hold on Europe's supply

By Carola Hoyos, Chief Energy Correspondent

Published: November 5 2009 02:00 | Last updated: November 5 2009 02:00

The world faces a natural gas glut that will cool prices, says the International Energy Agency, raising the prospect that Russia's grip over Europe's energy security will loosen.

In a draft version of its World Energy Outlook, to be published on November 10, the rich countries' energy watchdog says that "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".

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