After a limited increase in 2016, global LNG production jumped in 2017. But new volume was readily absorbed, largely by East Asia, with prices supported by rising oil.
Global LNG exports rose to a record high of 290.5m tonnes in 2017, up by 12% year on year, with new Australian and US supply driving the change.
Alongside almost identical exports from the world’s largest producer, Qatar, Australia and the US contributed an additional 22m tonnes combined, according to data from LNG Edge.
On imports, China was the stand-out performer, absorbing over 40% of the new production and overtaking South Korea to become the world’s second largest LNG buyer.