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Asian LNG Demand to Rise in 2024: Wood Mackenzie

LNG

Asian LNG demand is projected to increase by 5% to 12m mt in 2024, following the 2% growth in 2023, according to Wood Mackenzie.

  • China is expected to see 5% growth in its LNG demand rising 4m mtpa.
  • However, incremental demand may be limited due to gas-on-gas competition, stable coal supplies, and an uncertain industrial outlook.
  • Moreover, Chinese buyers have increased contract term volumes for 2024, limiting their spot exposure this year.
  • Wood Mackenzie also sees demand growth lagging regasification capacity. Asia may add up to 75m mtpa of regas capacity in 2024, which may lead to the highest level of underutilisation in 10 years.
  • Energy policy reviews this year, for example in Japan, could have implications for LNG, as some countries look to move towards renewable energy and nuclear power.
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