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According to the data in the report published by the Organization of Arab Petroleum Exporting Countries (OAEPC) on the 2023 Liquefied Natural Gas (LNG) market, it was stated that the global LNG market reached the highest level in history.
According to the information contained in the report, LNG imports increased by 3.4 percent last year compared to 2022 and were recorded as 409.3 million tons. While it is seen that South Korea, China, and Japan have taken the lead in the Asian market, taking the largest share in imports, it is stated that in 2023, the Asian market's LNG imports increased by 3 percent compared to the previous year, reaching 261.6 million tons.
Including Türkiye and the UK, Europe's LNG imports decreased by 0.07 percent year-on-year to 126 million tons. However, excluding the UK and Türkiye, LNG imports in the European Union increased by 4.9 percent year-on-year to 100.3 million tons. The United States accounted for 48 percent of Europe's LNG import portfolio with 60 million tons, followed by Russia with 13 percent, Qatar with 12 percent, and Algeria with 8 percent. North and South America's LNG imports increased 8.3 percent to 13 million tons, while the Middle East's imports fell 8 percent to 6.6 million tons.
China and Germany Factor in Global LNG Demand
According to the report, the main reason for increased LNG imports globally is the rise in Chinese demand. In this context, Wael Hamed Abdel Moati, OAPEC Natural Gas, LNG, and Hydrogen Expert, said: "China's demand has increased by more than 13 percent year-on-year through 2022, which has enabled China to overtake Japan to become the largest market in the global LNG market again." Conversely, Germany is turning to the new LNG market to meet its natural gas needs, leading to an increase in the EU's total LNG imports.
The US is the Sole Leader in LNG Exports
In global LNG markets, Algeria, Angola, Cameroon, Indonesia, Mozambique, Mozambique, Norway, and the US were among the countries that increased their exports last year, with the US, Qatar, and Australia accounting for 61 percent of this increase. The most striking detail is that the US exported the most, with 89.5 million tons in 2023.
With the start of the Russia-Ukraine war, the LNG market has been severely affected, increasing the competition for increasing liquefaction capacity, which Qatar is carrying out. According to the report, Doha is expected to complete the expansion of the North Field in 2027, increasing its liquefaction capacity from 77 million tons to 127 million tons and becoming the world leader in LNG exports again.
