Global gas supplies currently exceed demand, a situation that could lead to a “crisis” drop in prices similar to what occurred in the crude oil market, Russian energy minister Alexander Novak said on Friday. “The current excess supply of natural gas brings risks… of entering into the same crisis that affected oil prices,” Novak said at the Gas Exporting Countries Forum (GECF) in Bolivia, where top officials of major gas-producing countries have been meeting this week. Gas prices have plunged more than 80 percent in the last decade and remain under pressure due to growing supplies of shale gas and increased availability of liquefied natural gas (LNG) that can be shipped overseas. Novak said the threats to global gas prices underscore the importance […]