IEA (2008), Natural Gas Market Review 2008, IEA, Paris https://www.iea.org/reports/natural-gas-market-review-2008
Over the last 18 months, natural gas prices have continued to rise steadily in all IEA markets. What are the causes of this steady upward trend? Unprecedented oil and coal prices that have encouraged power generators to switch to gas, together with tight supplies, demand for gas in new markets, and delayed investments, have all played a role. Investment uncertainties, cost increases and delays remain major concerns in most gas markets and are continuing to constitute a threat to long-term security of supply. A massive expansion in liquefied natural gas (LNG) production is expected in the short term to 2012, but the lag in LNG investment beyond 2012 is a concern for all gas users in both IEA and non-IEA markets. Despite this tight market context, regional markets continue on their way to globalisation. This tendency seems irreversible, and it impacts even the most independent markets. Price linkages and other interactions between markets are becoming more pronounced. The Natural Gas Market Review 2008 addresses these major developments, assessing investment in natural gas projects (LNG, pipelines, upstream), escalating costs, the activities of international oil and gas companies, and gas demand in the power sector. In addition, the publication includes data and forecasts on OECD and non-OECD regions to 2015 and in-depth reviews of five OECD countries and regions including the European Union. It also provides analysis of 34 non-OECD countries in South America, the Middle East, Africa, and Asia, including a detailed assessment of the outlook for gas in the Russian Federation.