What does Europe’s gas supply picture look like post-Russia?

Europe has largely replaced Russian gas with U.S. LNG, but that shift brings its own challenges. There’s still some Russian pipeline gas entering through Turkey, but the volume is minimal. Europe’s long-term dependence has simply shifted, from Russia to U.S. LNG, and that relationship won’t be easy to reverse.

Can the U.S. remain a major LNG supplier to Europe if shale oil production is peaking?

With the AI boom, gas demand inside the U.S. will rise, but there’s still a lot of LNG coming online from projects already under construction. That will keep prices in check, likely around $6 to $8 per MMBtu, down from today’s $11.

How do you see global LNG markets evolving in the next few years?

A: The global LNG market is increasingly converging. You’ll see more demand growth from South and Southeast Asia, with China also taking additional LNG. The OECD countries, though, are unlikely to drive much new demand. But broader risks are macroeconomic, trade tariffs, public debt, and policy uncertainty. Add to that geopolitical instability and you have a market that’s cautious on demand. There’s plenty of LNG coming, but confidence in long-term growth remains fragile.