The shifting tides of LNG trade: LNG has swooped in to replace Russian natural gas as Europe’s top imported fuel, with boosted imports from the US, Qatar, Algeria, and Nigeria, Secretary General of the Organization of Arab Petroleum Exporting Countries (OAPEC) Jamal Essa Al Loughani told Attaqa. The intensive deployment of floating regasification terminals has enabled this change, transforming Europe from a balanced market to a demand center, Al Loughani added.

Doha and Washington are top LNG players: Qatar’s North Field project is expected to raise the nation’s LNG output from 77 mn tons to 142 mn tons annually by 2030, Al Loughani said. The US led LNG output in 2023 and is set to double its export capacity by 2028 if planned construction efforts go through, Al Loughani said.

ICYMI: Although the EU is no longer the top importer of Russian oil and natural gas — replaced by China and India — it has decided not to ban Russian gas imports after some member states raised concerns about securing alternatives.

Future outlook: Forecasts estimate growth in LNG demand across the board, with Asia leading in consumption in the medium and long term, Al Loughani said.

Tags: