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Shell Does Not Yet See Influence of the Red Sea Situation on LNG

LNG

Shell does not yet see an influence of the ongoing diversions of Red Sea cargoes on the LNG market due to cargo swapping, but sees opportunity for new demand, according to its CEO Wael Sawan, cited by Interfax.

  • Shell said that they did not see a meaningful interruption in supply because they can optimise the portfolio and exchange volumes within it.
  • While not wanting to give a forecast for demand in H2, he said that there remain key uncertainties, namely demand in Asia.
  • He also said that we are observing a fall in production from several Asian countries such as Vietnam and the Philippines, which is being compensated by LNG imports. This should raise confidence that there will be laten demand.
  • Sawan also noted that LNG prices were stabilising again, with increases in supply from Qatar and USA in the second half of the decade.
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