By Afiur
March 13, 2026
Rising tensions in West Asia have once again put the spotlight on global energy security. Here’s a look at why global gas markets are closely watching a few key countries.
Russia — 1,320.5 trillion cubic feet Iran — 1,133.6 trillion cubic feet Qatar — 871.1 trillion cubic feet Overall, they have more than half of the global proven gas reserves.
Iran and Qatar sit at the heart of the Gulf energy network. Any conflict, sanctions or military action in the region can raise fears of supply disruption and push prices higher.
A major share of LNG shipments passes through this narrow waterway. If tensions threaten shipping, insurance costs rise and markets react instantly, even before actual supply is hit.
Gas is used for power, heating and fertilisers. When prices spike, electricity bills rise and food costs can increase. Emerging economies feel the pressure faster.
After cutting pipeline gas from Russia, Europe relies more on LNG. Any disruption anywhere tightens global supply, affecting buyers in Asia and beyond.
Turkmenistan – 480.3 trillion cubic feetUnited States – 445.6 trillion cubic feetThe US is now a key LNG exporter helping stabilise supply.
Gas reserves are concentrated in a few countries.