US-Iran war pushes Asia's LNG spot bill to US$7.4 billion

The loss of a fifth of global liquefied natural gas supply since the US-Iran war began in late February has forced India, Pakistan, Bangladesh, Thailand and Vietnam to buy on the spot market, where they have spent a combined US$7.4 billion (S$9.4 billion). That is more than double the US$3.1 billion the same fuel would have cost under long-term contracts in 2025. The cost blowout is prompting those buyers to look at solar, coal, nuclear and piped gas instead, a shift set to be debated at the Gastech conference in Bangkok this week.