ADVERTISEMENT

ENERGY

Global LNG exports up 4.3% in first quarter on competitive spot prices

Global liquefied natural gas (LNG) exports rose 4.3% year on year to 107.3 million tonnes in the first quarter due to competitive spot prices, according to statistics from the Organization of Arab Petroleum Exporting Countries’ (OAPEC) 2024 First Quarter LNG Market.

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

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

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

The report noted that Russia’s three LNG plants, with an annual capacity of 29.3 million tonnes, are operating above full capacity to meet European demand.

– China leads with most LNG import increases in Asia

In the first quarter, China saw the largest increase in LNG demand in the Asian market.

China’s first quarter LNG imports amounted to 20.6 million tonnes, up 26% compared to the same period last year.

In the Asian markets overall, 72.9 million tonnes of total imports were made, marking a rise of 9% compared to the same period last year. Out of this total, 56.4 million tonnes were shipped to China, Japan, South Korea and Taiwan.

Globally, first-quarter LNG imports increased by 3.2% to reach 107.9 million tonnes compared to the same period last year.

– Europe’s LNG imports decrease by 13.8%

Europe’s LNG imports, including those from Türkiye and the UK, fell by 13.8% year on year to 30 million tonnes in the first quarter.

The lack of LNG demand in Europe was attributed to the region’s ample natural gas storage, mild winter weather, and a profusion of gas exports from Norway and Algeria.

The US ranked first with 51% of the world’s biggest share of LNG, followed by Nigeria with 4%, Algeria with 10%, Qatar with 8%, Norway with 4.1%, and Russia with 17.4%. The remaining 5.4% of the shares came from other countries.

North and South America’s LNG imports rose by 72.7% year on year to 3.8 million tonnes in the first quarter, while Middle East imports rose by 71.4% to 1.2 million tonnes.

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 in the first quarter compared to the same period last year.

Over this period, the US topped the list as the country with the most exports at 23.2 million tonnes, while Mozambique, in terms of percentage increases, saw the largest at 60%.

In the first quarter, LNG exports and increase and decrease rates were as follows:

Export Country

Q1 2023

Q1 2024

Growth Rate as %

Algeria

2.7

2.9

7.4

Angola

1

0,7

-30

Argentina

0

0

Australia

20.3

20.9

3

Brunei

1.2

1.4

16.7

Cameroon

0.4

0.4

0

Congo

0

0.1

Egypt

1.9

0.4

-78.8

Equatorial Guniea

0.7

0.8

14.3

Indonesia

3.9

3.6

-7.7

Malaysia

7.2

7.8

8.3

Mozambique

0.5

0.8

60

Nigeria

3.3

3.7

12.1

Norway

1.2

1.2

0

Oman

3.1

3.1

0

Papua New Guinea

2.1

2

-4.8

Peru

1

1

0

Qatar

20.2

20.9

3.5

Russia

8

8.7

8.7

Trinidad & Tobago

2.2

2.1

-4.5

United Arab Emirates

1.2

1.6

33.3

United States

20.8

23.2

11.5

Total

102.9

107.3

4.3

  • We use cookies on our website to give you a better experience, improve performance, and for analytics. For more information, please see our Cookie Policy By clicking “Accept” you agree to our use of cookies.

    Read More