Woodside Energy Group CEO Liz Westcott warns that global markets underestimate the long-term impact of the Iran conflict on liquefied natural gas (LNG) supply. Speaking at the Australian Energy Producers Conference, Westcott challenged the assumption that markets will soon return to normal.
The near-closure of the Strait of Hormuz has constricted approximately 20% of global LNG supply. This disruption has persisted since late February. Spot gas prices in Asia and Europe remain over 60% higher than pre-war levels. While prices have moderated from their March peaks, Westcott anticipates a prolonged period of instability.