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IEA shares forecast on global LNG trade growth in coming years

Economy Materials 3 October 2022 14:35 (UTC +04:00)
IEA shares forecast on global LNG trade growth in coming years
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, October 3. Global liquefied natural gas (LNG) trade is forecast to grow by 5 percent in 2022, backed by the EU’s rising demand for LNG, the International Energy Agency (IEA) said, Trend reports via the latest gas market view from the Agency.

According to the report, global LNG trade in the current year will also be supported by the increased output from the top three producers - the US, Qatar, and Russia, “coupled with the recovery of some previously disrupted volumes in Trinidad and Tobago, Norway and Peru”.

As for 2023 forecast, the IEA expects global LNG trade growth to slow down slightly to 4 percent.

“The expansion of LNG demand is fuelled by a continuing rise in European imports to an all-time high of 177 billion cubic meters (thanks in part to new infrastructure) and by a modest recovery in Asia following the region’s demand decline in 2022. LNG export growth continues at around 4 percent thanks to the anticipated return to full production of the 20 billion cubic meters Freeport LNG terminal in Texas, despite a marked slowdown in new liquefaction capacity additions in 2023,” the report said.

Meanwhile, global LNG trade from January through August 2022 increased by 6 percent year-on-year, which is slightly more than the 2021 growth (5.5 percent), however, less than a 2016-2021 average (8 percent).

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