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European, Turkish LNG Imports To Rise 10% YoY In 2023

LNG

LNG imports to Europe and Turkey will increase by at least 10% in 2023 to a record of around 190bcm according to Refinitiv analysts.

  • The increase was expected because of more import capacity, mostly in Germany, said Nnenna Amobi, senior analyst at Refinitiv.
  • Import growth would be limited by global supply issues, especially over summer, adding that very high storage levels for the time of year would also weigh on demand, Amobi said.
  • “LNG supply growth is not picking up. If there was more supply, we would see more coming in,” Amobi added.
  • European LNG imports are set to keep growing and should peak in 2026 and northwestern European imports could reach around 120bcm by 2026, it added.
  • By 2027, global LNG supply should increase by around 55bcm a year, with another 96bcm by 2030, according to Refinitiv projections based on projects under development, mostly in the US and Qatar.
  • Chinese LNG demand is expected to grow around 5% annually until 2030, amounting to a 40bcm increase, while southern Asia, led by India, would increase LNG demand by 8.5% annually until 2030, Refinitiv added.
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