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Global LNG Market Likely to Stay Tight in 2024: Total

LNG

The global LNG market is likely to remain tight during 2024 amid higher demand from China and despite stable supply according to TotalEnergies CEO Patrick Pouyanne.

  • LNG markets are “in tension” this year due to “very limited LNG capacity additions until mid-2026/2027”, with added tightness from any unplanned outages.
  • Chinese LNG imports could this year return to the record high of 81m tonnes (110.5bcm) from 2021 with Asia JKM LNG at around $10/MMbtu a “good driver”.
  • LNG imports to China increase 11% y/y in 2023 to about 71m tonnes (97bcm) and there was “still room for growth” and “Chinese buyers being quite aggressive and signing a number of long-term contracts”, Pouyanne said.
  • Europe’s LNG demand nearly doubled since 2021 to 114m tonnes (155.5bcm) in 2023 and is expected grow further this year.
  • LNG supply is expected to increase around 2% or 8m tonnes (11bcm).

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