IEA predicts significant growth in European LNG imports this year

MOSCOW, 3 Oct — PRIME. European liquefied natural gas (LNG) imports will grow by more than 60 billion cubic meters in 2022, more than double the increase in global LNG export capacity over the same period, the International Energy Agency (IEA) predicts in its quarterly Gas Market Report .

The IEA predicted a decrease in gas consumption in the world in 2022

“LNG imports to Europe this year will increase by more than 60 billion cubic meters, more than double the increase in global LNG export capacity, leaving international LNG trade under strong pressure in the short to medium term,” the statement said. in the materials of the IEA.

It is added that LNG imports to Asia will remain below last year’s level in 2022. However, LNG supplies to China may grow next year due to new contracts signed since the beginning of 2021. And a colder winter will lead to additional demand from northeast Asia, which will further increase market tensions.

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At the same time, the IEA writes in its report, in the first eight months of 2022, global LNG trade grew by almost 6% compared to last year, which is slightly higher than the growth rate in 2021, which amounted to 5.5%, but less than in average for 2016-2021 (8%). In January-August, LNG imports to Europe grew by 65%, or 43 billion cubic meters, which led to a massive restructuring of LNG trade flows around the world.

Gas supplies to Europe

Gas prices in Europe fell by almost six percent

Market tensions were eased by a 7% or 18 billion cubic meter decline in demand in the Asia-Pacific region, which is associated with a mild winter, high prices and covid restrictions. Central and South America also recorded a sharp decline in LNG imports of 29%, or 5 billion cubic meters, due to the recovery of hydro generation in the region after last year’s drought, freeing up additional volumes for the European market.

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In terms of exports, the United States accounted for more than half of the growth in global LNG production, growing by 14% in 8 months, thanks to the ramp-up of construction of the sixth stage of Sabine Pass and the Calcasieu Pass terminal. The second largest contributor was Russia, also boosting shipments by 14% thanks to record production at the Yamal LNG plant. Since June, work has been resumed after a two-year shutdown of the Norwegian terminal Hammerfest, which also contributed to the growth of exports of liquefied gas. Qatar, Oman, Trinidad and Tobago, and Peru posted significant increases in production, while Nigeria and Algeria cut shipments.

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