Global LNG trade increased 13% in 2019
The International Gas Union (IGU) has launched its annual LNG report for 2020. This report features key global LNG industry updates, right across its value chain, demonstrating yet another strong year of growth for this crucial segment of the natural gas sector. LNG continues to enhance global energy security and increase the flexibility of access to the abundant global gas supplies.
In its sixth consecutive year of growth, the LNG trade increased by 13%, reaching 354.7 million ton.
While no new consumers joined the existing 37 markets in the global LNG arena in 2019, the most recent new players have increased their intake volumes – Bangladesh, Pakistan, Poland, and Panama. At the same time, mature markets, like India, are adding new floating regasification capacity.
Floating, storage and regasification units (FSRU) continue to be an exciting and growing segment, improving access to modern energy and energy security worldwide. Of the 37 existing LNG import markets as of February 2020, 19 imported LNG with FSRUs, and six of those had onshore terminals as well.
Export growth came from the US, Russia and Australia, as well as Algeria and Egypt. The US is now the third largest LNG exporter, behind Qatar and Australia, with Russia in the fourth spot.
Asia Pacific and Asia remain the key centres of demand, and together they accounted for almost 70% of global LNG imports in 2018.
2019 was another record year of low prices, driven by increasing natural gas production, the commissioning of new export infrastructure and limited demand response from Asian markets.