(www.MaritimeCyprus.com) The 2023 report provides a comprehensive review of the global LNG industry and markets after the most turbulent year in its history. It also offers important insights as the gas industry prepares for delivering reliable, flexible, efficient, secure, and sustainable energy for the years ahead.
This is the 14th annual edition of the World LNG Report, the world’s most comprehensive public source of information on key developments and trends in Liquefied Natural Gas (LNG).
As of April 2023, the global LNG trade connected 20 exporting markets with 48 markets with importing infrastructure, and an increasingly globalised LNG market made it possible to re-route massive volumes of energy in a matter of months.
In 2022, global liquefaction capacity grew by 4.3% to a total of 478.4 MTPA, and 75% of the increase in 2022 came from the U.S., giving it the largest operational liquefaction capacity worldwide (88.1 MTPA). The volume of approved liquefaction capacity declined to 25.2 MTPA compared to the 50 MTPA approved in 2021.
2022 also saw record new regasification capacity approved, and some brought online, in record time in Europe.
Very high prices at the European market entry helped make the massive redirection of LNG flows from Asia to Europe possible and balance the short-term market, while also causing demand destruction in some Asian markets. The traditionally higher Asian spot market price benchmarks traded at a discount to the European market for the first time for 85% of the February 2022 to January 2023 period.
Asian demand reduced significantly in most locations, with the two fastest growing LNG markets in recent years, China, and India, reducing imports by 19.3% and 17.7% respectively.
While prices moderated closer to historically average levels at the start of 2023, they remain elevated with an ongoing risk of a return to 2022 conditions.
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