According to Kpler data, global liquefied natural gas exports grew at the slowest pace since 2015, raising concerns that prices could remain high until new supply meets growing demand.
LNG shipments are expected to increase by just 0.4% this year, reaching approximately 414 million tons, according to Kpler data. Delays in US projects and sanctions on Russia’s latest facility have limited the new supply. The US remains the world’s top LNG exporter, shipping a record 87 million tons in 2024, roughly the same as the previous year.
China was the largest LNG importer for the second consecutive year, receiving over 78 million tons, an 8.5% increase compared to last year. This is still slightly below the 80 million tons China imported in 2021.
Furthermore, since Russia’s invasion of Ukraine in 2022, the LNG market has been finely balanced, as Europe shifted from Russian pipeline gas to more LNG. In addition, the lack of new exports has left the market susceptible to price increases for European and Asian buyers.
The market could find relief in 2025, with new US projects increasing production and a new facility launching in Canada. Venture Global LNG Inc.’s Plaquemines plant shipped its first cargo last week, and Cheniere Energy Inc.’s Corpus Christi plant began expanding production on 30 December.
