International Energy Agency says 70% of the drop in LNG exports, LPG, from the Strait of Hormuz has been offset by growth in other countries’ exports, including…

The International Energy Agency says that 70% of the decline in LNG exports from the Strait of Hormuz has been offset through the growth of exports from other countries, including the United States and Canada.

Before the Islamic Republic blocked the Strait of Hormuz, Qatar and the UAE together exported about 80 million tons of LNG from the Strait of Hormuz, which was equivalent to 20% of global LNG consumption.

According to a new report by the U.S. Energy Information Administration, last year this country’s LNG exports saw a 26% surge and this year will rise again by 15% to reach 134 million tons, and next year it will increase by 7%.

The agency says, however, that the continued disruption by the Islamic Republic in the Strait of Hormuz will cause a shortfall in global gas markets.