Pakistan Unlikely to Buy Spot LNG in Summer: Reuters

Pakistan is unlikely to buy spot LNG cargoes until at least November amid oversupply and high prices, according to Reuters.

• Extreme temperatures across Asia have pushed countries to seek more cargoes of LNG to address higher power demand.
• However, LNG demand in Pakistan was subordinate to supplies, a minister told Reuters.
• "The question of getting more LNG when we can't sell the amount of LNG that we already are obtaining from our long-term contracts, it does not apply," Musadik Masood Malik, Pakistan's petroleum minister, told Reuters in an interview.
• Pakistan last bought a spot LNG cargo in late 2023 and cancelled its spot LNG tender for deliver in January.
• Pakistan was also trying to import cheaper natural gas by building a pipeline with Iran, although is wary of sanctions.
• Pakistan is typically a very price sensitive buyer of LNG, and refrains from spot purchases while prices are elevated.