• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 11 hours Shale Oil will it self destruct?
  • 6 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 1 hour Iran Captures British Tanker sailing through Straits of Hormuz
  • 56 mins Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Childish Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 10 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 15 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 2 hours Renewables provided only about 4% of total global energy needs in 2018
  • 19 hours Today in Energy
  • 2 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 1 day Why Natural Gas is Natural
  • 1 day LA Solar Power/Storage Contract
  • 6 hours U.S. Administration Moves To End Asylum Protections For Central Americans
Fracking Under Fire In California

Fracking Under Fire In California

Despite its shale reserves and…

The Only OPEC Member That Could Challenge Saudi Oil Dominance

The Only OPEC Member That Could Challenge Saudi Oil Dominance

Iraq, OPEC’s second biggest producer,…

LNG Glut To Continue Into 2020s, IEA Says

LNG

The world’s LNG market will continue to be oversupplied into the mid-2020s as new supplies continue to outweigh demand, according to the International Energy Agency (IEA).

The IEA added that Chinese demand could tighten the market earlier than that.

“We will see massive amounts of new LNG capacity coming to the market ... so we will probably continue to have well-supplied markets into the middle of the 2020s,” Keisuke Sadamori, director of energy markets and security at the IEA, said on Monday in Singapore, as quoted by Reuters.

According to the EIA’s October Short-Term Energy Outlook, the U.S. LNG export capacity is expected to rise in 2018, with LNG exports exceeding 3 billion cubic feet per day (Bcf/d) next year, 66 percent higher than this year.

The IEA, for its part, sees the U.S. challenging Qatar and Australia for global leadership among LNG exporters by 2022. 

In addition, the world’s top LNG exporter currently—Qatar—plans to dramatically increase its gas production by 30 percent through 2024.

“The Qataris, for example, are going to increase LNG liquefaction capacity by 30 percent by 2024, which we have not included in our 2017 gas market outlook report,” the IEA’s Sadamori said on Monday.

China’s LNG imports are seen rising by 41 bcm annually by 2022, accounting for more than one-third of the growth among the countries seeking diversity in supplies. This will make China the second-largest LNG importer by 2022, the IEA said in its recent Global Gas Security Review 2017.

Last month, China’s LNG imports surged to their second-highest on record, as the country imports more gas to fight severe pollution and to service households in the north who will be using gas for heating this winter for the first time. China’s September LNG imports soared by 37 percent compared to September last year, to 3.45 million tons, according to data by the General Administration of Customs published on Monday and cited by Reuters. The volume was a bit lower than the all-time high of 3.7 million tons of LNG imports in December last year. Year to date, Chinese LNG imports soared 43 percent. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play