IEA expects huge amount of LNG to reach market in next 5 years, chief says

BRUSSELS, March 6 (Reuters) - The International Energy Agency expects a huge amount of liquefied natural gas to reach the market in the next five years, which will put downward pressure on LNG prices, IEA chief Fatih Birol told reporters.

"We expect in the next five years a huge amount of LNG wave, about 300 BCM of new LNG coming," he said after a meeting with European Commission President Ursula von der Leyen and commissioners.

"This would mean there will be a downward pressure for the prices and most importantly 75% of this LNG will be flexible," he added.