Global LNG Glut May Persist

A global supply glut in liquefied natural gas will persist for the next two to three years, the CEO of Thailand's state-run oil and gas giant PTT told CNBC. "Globally, we have surplus capacity in both LNG and crude oil," said Tevin Vongvanich, PTT President and CEO in an interview on the sidelines of the World Economic Forum on ASEAN in Phnom Penh, CNBC reported. "We don't see a drastic change in the LNG price for the next two or three years on the spot market because of this oversupply situation," he said, adding that a "buyers' market" will persist. Despite the global supply overhang, Tevin said he was more confident in the demand profile for LNG in the home market of Thailand where he expects demand to double over the next five years.