Global LNG competition to increase

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Europe’s increased need for liquefied natural gas (LNG) looks set to intensify competition with Asia for limited new supply available over the next two years and may dominate LNG trade over the longer term, according to Shell’s LNG Outlook 2023.

European countries, including the UK, imported 121 million tonnes of LNG in 2022, an increase of 60% compared to 2021, which enabled them to withstand a slump in Russian pipeline gas imports following its invasion of Ukraine. A 15 million tonne fall in Chinese imports combined with reduced imports by South Asian buyers helped European countries to secure enough gas and avoid shortages. Europe’s rapidly rising appetite for LNG pushed prices to record highs and generated volatility in energy markets around the world. With... ... More: Official Press Release Shell

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Shell, LNG, Asia, outlook, Europe, dominate, balance, Ukraine, invasion, competition, China