Global LNG demand seen rising in 2024 from China, Europe
(Reuters) - Global LNG demand will grow in 2024 with top buyer China back in the market and consumption in Europe rising, a TotalEnergies executive said on Wednesday.
"LNG has continued to grow, with China being back in the market but not yet at the level of 2021," Senior Vice President Asia Pacific Exploration & Production Thomas Maurisse said at an industry conference.
"With Europe ... it's a new and big market, this demand will still continue to grow. At the same time, new capabilities will not be on stream in this very short term, so will continue to put bit of pressure on prices and volatility."
Last week, Asia spot LNG prices hit their lowest levels in nearly three years as weak demand in Asia and Europe weighed on the market.
The fall in prices had incentivized LNG importers from markets such as China and India to increase spot purchases.
Trading activities have picked up amid soft prices, Petronas' Vice President, LNG Marketing and Trading Shamsairi M Ibrahim said on the sidelines of the conference.
"It has already started in China," he said, adding that there will be more buying opportunities for price-sensitive buyers in Asia.
"But (market is) still tight. If anything happens to production, you will see a (price) spike," Shamsairi said.
Related News
Related News
- Egypt agrees to buy up to 160 LNG cargoes through 2026
- TotalEnergies CEO expects to restart Mozambique LNG project this summer
- TotalEnergies and CMA CGM to launch LNG bunkering logistics JV to accelerate maritime decarbonization
- Renergen awards EPCC contract for Tetra4 LNG and helium project
- thyssenkrupp nucera acquires modular high-pressure electrolysis solution from Green Hydrogen Systems
Comments