Already grappling with a supply glut in liquefied natural gas (LNG), global gas companies face fresh challenges due to two seismic events: the COVID-19 pandemic and the global oil price shocks. Together, these developments are set to deepen and lengthen the current imbalance between supply and demand in LNG markets, leading to a lower-for-longer price environment. As a result, up to 8% of global LNG demand could be at risk (more than 25 million tonnes per annum, or MTPA) in the near term while the low-price environment could last another one to two years.