A draft of a report by the International Energy Agency says a global natural gas glut could lower prices, raising the prospect that Russia's grip over Europe's energy security will loosen, the Financial Times reported Wednesday.
The draft of the agency's World Energy Outlook, set to be published next Tuesday, says "global gas markets have evolved from a seller's market, driven by tight supply and demand, to a buyer's market as demand weakens while new supply comes on stream," the newspaper said on its Web site.
Such a glut would be a blow to Russia, Iran and Qatar, which control the biggest gas reserves, the newspaper said.
An unnamed IEA spokesman said the agency wouldn't comment on the report ahead of its publication, the Financial Times said.