Soaring gas demand from China, India and Southeast Asia is sucking up an LNGsupply glut previously expected to last for years, opening opportunity for new production from East Africa to North America that had been deemed part of the overhang.
Trade flows in Eikon show global liquefied natural gas (LNG) imports have risen 40 percent since 2015, to almost 40 billion cubic metres (bcm) a month. Growth accelerated in 2017, with imports up by a fifth, largely due to China, but also South Korea and Japan.
Asia’s LNG market has been glutted since 2015, following massive development that began in the early 2000s. But a gasification programme in China last year and strong economic growth across Asia pushed up demand, contributing – along with a cold winter – to a doubling of LNG spot prices from mid-2017. Read More…
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