IEA predicted contraction of the LNG market in 2023

MOSCOW, 29 Sep — PRIME. The global market for liquefied natural gas in 2023 may shrink compared to the current year due to rising demand in Asia, said Fatih Birol, head of the International Energy Agency (IEA).

Gas prices in Europe fell below $1,850 per thousand cubic meters

“We may well see that LNG markets in 2023 may shrink quite a bit, perhaps become narrower than this year,” Reuters quoted Birol as saying. According to the head of the IEA, this may happen due to increased demand in China, India and other Asian countries, the material notes.

Europe has imported a significant amount of LNG this year, with a 60% increase in accepted volumes, Birol said.

“One of the reasons that has allowed Europe to consume so much LNG is that economic growth in China has been sluggish this year… If the Chinese economy recovers… It will be difficult for Europe to attract so much LNG,” he concluded.

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