The latest LNG global report from the International Gas Union (IGU) is broadly positive, with trade growing 2.4% to 4.11 MT and 6.5 mtpa of liquefaction capacity added in 2024, rising to 494.4 mtpa.
The market was fuelled by rising exports from several key producers, including the US, Russia, Indonesia, and Australia.
Asia-Pacific remained the largest exporting region (138.91 MT), followed by the Middle East (94.25 MT), and North America (88.64 MT), which was driven by increased output and the launch of the Plaquemines facility, where Venture Global recently announced expansion plans. Key exporter Qatar announced plans to increase LNG trading volumes this week.
Source: IGU
Mexico and Congo also joined the ranks of LNG exporters in 2024, with new floating LNG (FLNG) production.
The year was a significant one for LNG bunkering, which capitalised on reductions in fuels costs and carbon emissions from LNG. The Port of Singapore, the largest bunkering port globally, recorded 463,900 tonnes of LNG bunkered in 2024, almost four times the 110,900 tonnes reported in 2023.
Global LNG spot trading activity rose to record highs last year, aided by relative price stability and lower price levels, particularly in the first half of the year.
Despite the solid year, Li Yalan, President of the IGU, said the global LNG market equilibrium “is fragile” and sensitive to uncertainties on supply and demand sides, exacerbated by geopolitical, trade, and regulatory policy issues.
European LNG imports declined to their lowest level since 2021 as high renewable output, strong pipeline supply, and narrower price differentials limited the region’s spot buying.
Yet the IGU is confident that the LNG sector will continue to develop.
“We believe that the growing demand for natural gas in emerging markets, increasing diversification of market participants, expansion of infrastructure, and development of innovative technology will all continue to drive the LNG market,” said Yalan.
