(Energy Analytics Institute, 11.Dec.2024) — Incremental demand to-date in 2024 for LNG has moved from Europe to Asia, according to recent data from Kpler.
Of the total year-to-date LNG trade of 376 million tons (Mt) between Jan.-Nov. 2024, the top importing countries are JKT (Japan, South Korea and Taiwan) with 126 Mt, China with 71 Mt, and India with 25 Mt. Europe imported 92 Mt while numerous other countries imported the remaining 63 Mt, according to Kpler.
On the flip side, the top LNG exporters year-to-date in 2024 are the US with 79 Mt, Australia with 74 Mt, Qatar with 73 Mt, Russia with 30 Mt, and then numerous other countries exported the remaining 120 Mt.
Looking forward, the third wave of LNG—from 2026-2030—will add over 200 million tonnes per annum (mtpa) in new export capacity, according to Rystad Energy data.
This compares to the first wave of LNG—from 2006-2010—when Qatar added around 50 Mt and the second wave of LNG—2015-2020—when the US added over 60 Mt and Australia added around 40 Mt, according to Rystad.
Demand for US LNG has been on the uptick ever since Russia invaded Ukraine in early 2022. This, also amid a worldwide energy transition away from carbon intensive energy sources such as coal and oil in some cases.
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By Pietro D. Pitts reporting from Houston. © Energy Analytics Institute (EAI). All Rights Reserved.
