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".