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European LNG supplies will likely drop by nearly 70% by 2015 as the Asian market draws more cargo demand, Reuters reported, citing a Barclays research paper.

"We estimate that the LNG available for Europe will fall from 2012 levels of 46 mtpa (million tonnes per annum) to around 15 mtpa by 2015, before starting to increase back to current levels as the large Australian trains ramp up production and U.S. exports of LNG begin," Barclays said.

"Asian demand, heightened by additional demand from Japan and new regasification facilities in China, India and others, has pulled gas away from Europe, which is seeing lower demand and greater competition to LNG from pipeline supply," Barclays added.