The International Energy Agency (IEA) indicates that global natural gas markets will remain tight beyond this year due to persistent conflicts in the Middle East and ongoing damage to regional infrastructure disrupting supplies. In a report released on Friday, the IEA stated that although new production capacity has come online, warfare has delayed the long-anticipated surplus in liquefied natural gas (LNG) supply. The impact of this capacity expansion, primarily driven by the United States, has been postponed by "at least two years." This outlook aligns with warnings issued earlier this week by Vitol Group. The energy trading firm suggested that global supplies could be affected until 2028, citing damage last month to Qatar's LNG facilities and delays in new projects across the Middle East. With the conflict now in its second month and showing no signs of abating, approximately one-fifth of global oil and LNG supplies are effectively constrained. Qatar reported that last month's attack by Iran damaged about 17% of its liquefaction capacity, with repairs potentially taking up to five years. The IEA noted that the combination of recent supply losses and slower capacity growth could lead to a cumulative LNG shortfall of around 120 billion cubic meters between 2026 and 2030. This forecast includes estimates for delays in the North Field East expansion project in Qatar. Currently, demand in major import markets has softened due to higher prices, mild weather, and policies restricting consumption. Amid tight supply, several Asian nations are turning to fuel substitution and demand-side measures to limit natural gas usage. The IEA emphasized that "demand-side responses will be key to balancing the global gas market."