Skyrocketing LNG Prices Check South Asia’s Gas Flow

Russia’s war on Ukraine has plunged the price-sensitive South Asian nations India, Pakistan and Bangladesh into a gas crisis — exacerbated by being priced out of the spot LNG market amid competition from deep-pocketed European buyers. All three have cut down on their gas consumption and are turning to polluting fuels like coal and oil, with LNG markets expected to remain tight at least till end-2024. This could hit both gas' reach in the region, and global decarbonization efforts.