Duration of Strait of Hormuz crisis ‘critical’ for global gas market: IGU in General Energy News 21/05/2026 The duration of the current disruption to LNG supply via the Strait of Hormuz will be “critical” to the global gas market, the International Gas Union said in its latest annual gas pricing survey published May 20. In the closely watched report, the IGU said the curtailment of Qatari and UAE LNG capacity due to the Strait of Hormuz crisis had “dramatically” altered the outlook for global balances. “The duration of this crisis is critical,” the IGU said. “If a realistic political agreement can be reached between the warring parties, then the process of recovery will begin at pace,” it said. “On the other hand, in the event of a protracted disruption, a return to the supply growth model looks more difficult.” The IGU said an expansion of global LNG production capacity had been set to ramp up in 2026, marking the first year of major project additions set to run through the end of the decade and into the early 2030s. The incremental supply was intended to meet a projected growth in demand in China, ASEAN countries and South Asia, as well as increased demand for LNG as a bunker fuel, it said. “The new supply was also projected to meet LNG demand growth in Europe, as production and pipeline imports decline,” it said. With the reduction in Middle East supply, the other main factor that could help markets find a new equilibrium is softer demand seen in some markets, it said. The IGU noted, however, that the price shock from the current crisis was less than after the Russian invasion of Ukraine. “The more limited price response in this crisis, despite the larger net loss of global gas supply from the shutdown of Gulf LNG, is notable,” it said. “Reduced infrastructure congestion in Northwest Europe, and a stronger expected LNG supply outlook (pre-Hormuz closure) may have helped to contain this latest surge in gas prices.” Spot LNG prices remain relatively high, although