The Ukraine War will see the liquefied natural gas (LNG) market explode.

That’s according to research by Refinitiv, which predicts that annual average growth of supply will be at 5.3% for the next seven years.

It claims the Ukraine War will see many in Europe turn to LNG with Russian gas supply lines now hugely out of use.

Following the conflict, imports of LNG rose by 58%, with exports of Russian gas falling by 40%.

In light with market trends, the report projects that the US will overtake Qatar as the biggest producer of the gas in 2023.

Anne Katrin Brevik from Refinitiv said: “Towards the end of the forecasting period, there is a risk that this cyclical market may again enter a period of structural over supply. This risk hinges on the volume of new projects being sanctioned this year and next.”