The increase in the export of liquefied natural gas

At a slower rate since 2015 global liquefaction (LNG) has been increasing, threatening to keep prices at high levels until a new offer is put into operation to meet increasing demand, according to Bloomberg. Annual exports of liquefied natural gas will increase by 0.4%, i.e. about 414 million tonnes this year, according to data collected by Kpler. Delays in U.S. projects and sanctions against Russia’s newest facility restricted the new market offer. CORVERSE The market for liquefied natural gas has been in thin balance since the invasion of Ukraine in 2022 cut Russian gas from pipelines to Europe, forcing the continent to depend more on the overcooled fuel. The lack of new exports has made the market vulnerable to price spikes for buyers in Europe and Asia. The market could be relieved in 2025, as new projects in the US would increase production and launch another facility in Canada. Venture Global LNG’s Plaquemines unit exported its first shipment last week and Cheniere Energy’s Corpus Christi unit began production from the first phase of its expansion on Monday (30.12.2024). The US was the world’s largest exporter, sending in 2024 the record of 87 million tonnes, roughly at the same levels as last year, according to Kpler’s data. China was the largest purchaser of liquefied natural gas for the second consecutive year. The country received over 78 million tonnes, increased by 8.5% annually, according to the figures. This is still slightly lower than 2021, when China introduced around 80 million tonnes.