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US Sanctions Could Limit Russia’s LNG Export Growth in 2024: Kpler

LNG

US sanctions on Russian LNG could hamper export growth of the product from Russia in 2024, according to Kpler.

  • Russia is looking to boost exports of LNG and grow to around 20% of the global market by 2030.
  • However, US sanctions on the new Arctic 2 project, with a nameplate capacity of 19.8m mtpa, leave export growth in 2024 uncertain, Kpler added.
  • The first part of the project has begun operations, with the first shipments from the facility still set for early 2024, according to Russia’s Deputy PM Alexander Novak.
  • Russia’s LNG exports dropped to 32.33m mt in 2023, around 8% of the global market, according to Kpler. The fall was mainly attributed to maintenance at liquefaction terminals such as Yamal and Sakhalin 2.

Source: Kpler

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