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“But there’s a good chance that by then, demand for gas in South Korea will have fallen alongside the broader push to decarbonize, which will lead to oversupply and depressed prices,” he said.

Reynolds acknowledged there was a global oversupply of steel and aluminium but said he would argue to the Trump administration that the UK was not the problem.

But there are still too many empty homes and commercial properties, and that oversupply continues to force down prices.

But some analysts have warned that oversupply will keep the market under pressure until at least 2028.

Struggling California vineyards are having to compete with bargain-basement wine prices from overseas growers, due to global oversupply.