2024 World LNG Report

The global LNG market now connects 20 exporting with 51 importing markets, while supply is currently the primary limiting factor on growth.

After two years of severe turbulence, the LNG market has a newfound but fragile equilibrium, given lack of spare supply in the near-term.

LNG receiving capacity growth has been shaping market development over the past 24 months, as it reached an impressive 1,029.9 MTPA at the end of February 2024, adding almost 70 MTPA in 2023 and making it the highest year of new additions since 2010.

2023 saw spot LNG prices declining to levels palatable for recovery of import growth in Asia, as Platts JKM averaged $13.86/mmBtu during the year, while average annual price volatility has significantly reduced from 2022 levels but remains above pre-crisis.

Global LNG market continues to rapidly evolve as it responds to growing gas demand in emerging markets, increasing number and diversification of market participants, and the acceleration of technology development and innovation.

However, several major uncertainties confront the supply-constrained market, contributing the fragility of its current equillibrium.