Global LNG Exports Increased by 4.3% in the First Quarter Due to Competitive Spot Prices

Global liquefied natural gas (LNG) exports increased by 4.3% in the first quarter compared to the previous year, rising to approximately 107.3 million tons, influenced by competitive spot prices.

According to information compiled by the AA correspondent from the Organization of Arab Petroleum Exporting Countries’ (OAPEC) report on the LNG market for the first quarter of 2024, spot prices observed in global markets increased demand for LNG in the first three months of the year.

Global LNG production periods increased by 4.3% compared to the same period last year, reaching approximately 107.3 million tons.

The US and Russia lead in LNG exports The world’s largest LNG exporters, the US, Australia, and Qatar, accounted for 60.57% of total exports.

In the first quarter, US LNG exports increased by 11.5% to 23.2 million tons, Qatar’s exports rose by 3.5% to 20.9 million tons, and Australia’s exports grew by 3% to 20.9 million tons compared to the same period last year.

Russia’s LNG exports increased by 8.7% to 8.7 million tons in the same period. While demand for Russian LNG continued to grow in Europe, Spain, France, and Belgium became the main markets for Russian LNG.

Russia operated its three LNG terminals, with an annual capacity of 29.3 million tons, above full capacity to meet Europe’s demand.

LNG imports from China increased in Asia In the first quarter, there was an increase in demand for LNG produced in Asia, particularly from China.

LNG imports during this period increased by 3.2% compared to the same period last year, reaching approximately 107.9 million tons.

About 72.9 million tons of the total imports were made to Asian markets, which saw a 9% increase in LNG imports compared to the same period last year.

During this period, 56.4 million tons of LNG were shipped to China, Japan, South Korea, and Taiwan. China’s LNG imports in the first quarter increased by 26% compared to the same period last year, reaching 20.6 million tons.

Europe’s LNG imports decreased by 13.8% In Europe, including Turkey and the UK, LNG imports in the first quarter decreased by 13.8% compared to the same period last year, falling to approximately 30 million tons.

Factors such as milder winter weather conditions, abundant gas supplies from Norway and Algeria to the continent, and high natural gas storage levels contributed to the reduced demand for LNG in Europe.

In the LNG portfolio, the US was the leading supplier country with 51%, followed by Russia with 17.4%, Algeria with 10%, Qatar with 8%, Norway with 4.1%, Nigeria with 4%, and other sources accounting for 5.4%.

LNG imports in North and South America increased by 72.7% in the first quarter compared to the same period last year, reaching 3.8 million tons, while imports in the Middle East rose by 71.4%, reaching 1.2 million tons.

In the first quarter compared to the same period last year, Algeria, Australia, Brunei, Equatorial Guinea, Malaysia, Mozambique, Nigeria, Qatar, Russia, the United Arab Emirates (UAE), and the US were among the countries that increased their exports.

The US stood out as the country with the highest exports in the first quarter, with 23.2 million tons, while Mozambique saw the highest percentage increase in exports.

LNG production and export growth or decline rates for the first quarter are as follows:

Exporting Country2023 Q1 (Million Tons)2024 Q1 (Million Tons)Change (%)
Equatorial Guinea0.70.814.3
Papua New Guinea2.12-4.8
Trinidad & Tobago2.22.1-4.5

source: translated by Melisa Beğiç

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