Open figure viewer
Significance
Europe's decisive move away from Russian pipeline gas since February 2022 has changed hugely the global LNG trade. Between 2019 and 2022, the global LNG market grew by 12%, with US exports more than doubling. The old model of distinct Atlantic and Pacific markets is changing.
Impacts
Decarbonisation targets will curtail European demand for LNG as the use of renewables grows.
Israel, Cyprus and Egypt could develop new floating LNG export plants if political and commercial issues are resolved.
Nigeria in 2026 and Indonesia (end of 2023) will increase capacity, but other traditional LNG exporters will see further declines.
Keywords:
International,
INT,
Algeria,
Australia,
Bangladesh,
Brunei,
Cambodia,
Canada,
Central Asia,
China,
Cyprus,
East Africa,
East Asia,
Egypt,
Europe,
Germany,
India,
Indonesia,
Israel,
Japan,
Malaysia,
Mauritania,
Middle East,
Mozambique,
Netherlands,
Nigeria,
Oman,
Pakistan,
Philippines,
Qatar,
Russia,
Senegal,
South Korea,
Sri Lanka,
Taiwan,
Tanzania,
Trinidad and Tobago,
Ukraine,
United Arab Emirates,
United States,
Vietnam,
industry,
foreign trade,
gas,
international relations,
coal,
oil,
renewable energy,
Fossil fuels
© Oxford Analytica 2023. All rights reserved. This content contains general information about geopolitical, macroeconomic and social developments or (where stated) other matters. It does not contain advice or recommendations that may be relied on. Where links to external websites are provided, this does not indicate that Oxford Analytica or Emerald agree with, endorse or have checked for accuracy the contents of said sites.
2023
You do not currently have access to this content.
