The International Energy Agency (IEA) estimates the European Union (EU) could have to address a natural gas supply shortage in 2023 due in part to few additional LNG projects coming online and increased competition with Asia for cargoes.

In a new report released Monday, the IEA modeled how the EU could manage a shortfall of natural gas supply if Russian pipeline gas completely disappeared and liquefied natural gas imports were challenged. Of a possible 57 billion cubic meters (Bcm) natural gas supply gap estimated for next year, IEA researchers suggested the EU is already on track to cover around 30 Bcm through current policies and demand curtailment.

However, researchers wrote the EU may have few options for additional supply. Only about 23 Bcm of new liquefied natural gas...