BAKU, Azerbaijan, October 15. Global liquefied natural gas (LNG) exports reached 544.2 billion cubic meters (Bcm) in the 12 months from October 2023 to September 2024, marking an increase of 8.6 Bcm (1.6 percent) compared to the previous year, Trend reports via the Oxford Institute of Energy Studies (OIES).
However, the summer months of 2024 (Q2 and Q3) witnessed a slight decline in gas supply, falling by 1.54 Bcm (0.6 percent) from 262.9 Bcm in summer 2023 to 261.4 Bcm in summer 2024. This downturn is attributed to a year-on-year decrease in LNG exports, which fell by 1.4 Bcm (1 percent) in Q2 2024, followed by a fractional decline of 0.15 Bcm in Q3 2024.
On the import front, net global LNG imports, excluding re-exports, increased by 9.7 Bcm (1.6 percent) year-on-year, totaling 536 Bcm for the year leading up to September 2024. In summer 2024, imports remained relatively stable, rising slightly by 0.17 Bcm (0.065 percent) to 256.7 Bcm. Notably, Q2 2024 saw a year-on-year drop in imports of 2.3 Bcm (1.8 percent), which was followed by a rebound in Q3 2024 with an increase of 2.47 Bcm (2.0 percent).
In Q3 2024, the supply figures from the world's three largest LNG exporters remained steady year-on-year, with the United States delivering 29.3 Bcm, Qatar at 27.0 Bcm, and Australia providing 26.85 Bcm.
The United States experienced mixed supply changes, with increases from Sabine Pass (+0.4 Bcm), Corpus Christi (+0.2 Bcm), and Elba Island (+0.2 Bcm) offset by reductions at Freeport (-0.7 Bcm) and Calcasieu Pass (-0.1 Bcm).
Year-on-year declines in LNG exports during Q3 2024 were noted in Algeria (-1.3 Bcm), Malaysia (-0.9 Bcm), Oman (-0.3 Bcm), and Papua New Guinea (-0.46 Bcm). These were counterbalanced by growth in exports from Nigeria (+0.8 Bcm), Peru (+0.4 Bcm), and Russia (+0.875 Bcm), as well as an overall increase of 0.8 Bcm from other countries, including Angola, Brunei, Indonesia, Mozambique, Congo, and the United Arab Emirates.
The OIES report underscores the ongoing dynamics in the global LNG market, characterized by both growth and seasonal adjustments in supply and demand.
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