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The way out of the global gas glut

Efforts to resist the world's gas-supply overhang are futile. Exporters should embrace the glut and reap the long-term rewards of cheap gas, writes Derek Brower

THREE years ago, an unlikely supplier was on the lips of bureaucrats in Europe worried by Russia's gas-export strategy. Iran, they said, could break Gazprom's stranglehold. The strategic imperative was sufficient to overcome worries about Iran's nuclear programme. And anyway, would it not be better to engage with Iran than ostracise it?As a measure of the shift in supply and demand fundamentals since then, now, no-one mentions Iran's gas for Europe. The second-largest reserve in the world remains out of bounds. Recession, plunging demand and the arrival of new gas-export facilities planned when older fundamentals made them look sensible has turned geopolitics, and much else, on its head. In

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