Moving the energy economy to net zero emissions is timely and costly, and the world now faces another dilemma: a natural gas market under “tremendous pressure” ahead of winter, the International Energy Agency (IEA) said Wednesday.

IEA

In launching its annual World Energy Outlook (WEO-2021), the global energy watchdog acknowledged that winter 2021/2022 is opening with “record high seasonal gas prices, as the combination of a strong recovery in demand, extreme weather events and unplanned supply outages have led to tighter markets. 

“Such tensions are a reminder that security of supply remains a major topic for gas markets, only a year after a record drop in demand and oversupplied markets.”

The global outlook for gas this year also “remains subject to significant...