The world faces a looming natural gas glut that will cool prices, according to the International Energy Agency, the rich countries' watchdog, raising the prospect that Russia's grip over Europe's energy security will loosen. In a draft version of its forthcoming World Energy Outlook, to be published next week, the IEA 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".

The oversupply of gas will be even greater if countries push ahead with plans to save energy and develop more renewable electricity and nuclear power.