LNG Exports Experience Slowest Growth Since 2015, New Data Reveals
Global LNG exports are rising at the slowest rate since 2015, impacting prices and supply amid ongoing demand challenges
LNG, Exports, Prices, US, China, Russia, Ukraine
Bloomberg: So, it turns out that global liquefied natural gas exports are growing at the slowest rate we’ve seen since 2015. This could keep prices high until new supplies come in to meet the rising demand.
According to Kpler’s data, annual LNG shipments are expected to increase by just 0.4% this year, hitting around 414 million tons. Delays in U.S. projects and sanctions on Russia’s latest facility have really put a damper on new supply.
Since the invasion of Ukraine in 2022, the LNG market has been pretty tight. Europe has had to rely more on LNG after losing Russian pipeline gas, which has made it vulnerable to price spikes.
But there might be some hope on the horizon for 2025. New U.S. projects are set to ramp up production, and a facility in Canada is also coming online. Just last week, Venture Global LNG’s Plaquemines plant sent out its first shipment, and Cheniere Energy’s Corpus Christi plant is expanding its production.
Interestingly, the U.S. remains the top exporter, shipping a record 87 million tons in 2024, which is about the same as last year. Meanwhile, China has been the biggest buyer of LNG for the second year running, importing over 78 million tons, which is an 8.5% increase from last year, though still a bit shy of the 80 million tons it brought in back in 2021.