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IEA shares outlook on global LNG demand growth in 2023

Economy Materials 4 May 2023 17:00 (UTC +04:00)
IEA shares outlook on global LNG demand growth in 2023
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, May 4. The volume of global LNG trade in 2023 is expected to increase by 4 percent, Trend reports citing the latest gas market outlook from the International Energy Agency (IEA).

"Global LNG supply was up by 2 percent year-on-year in 1Q2023 measured on an import basis. This was driven by the Asia Pacific region and the Middle East, which saw a year-on-year increase of 5.5 percent (or 2.6 bcm) and 2 percent (or 0.7 bcm) in their LNG outputs respectively. Qatar and Indonesia, followed by Australia and Malaysia, were the main contributors to this expansion," the report said.

According to the agency, the global LNG supply growth will be mostly supported by the return of the Freeport LNG terminal in the US, improving feedgas availability in Trinidad & Tobago, and the ramp-up of production at Mozambique’s Coral South FLNG.

"Demand growth will be largely driven by Asia. China’s LNG imports are expected to increase at a rate of 10-15 percent compared with 2022, while remaining below their 2021 levels. After strong growth in 1Q2023, OECD Europe’s LNG imports are expected to decline for the remainder of the year amidst lower injection needs and a continued decline in European gas consumption," the report said.

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