The Top Global LNG Exporters
Through a global push to supply cheap and reliable energy with a lower carbon footprint than coal, the consumption of natural gas has grown 25% over the last 10 years. The LNG (liquefied natural gas) industry has undergone significant development over the past two decades. Here are some of the key trends:
- Growth in LNG production: The global production of LNG has increased from around 100 million tons per annum (mtpa) in 2000 to over 360 mtpa in 2021. This growth has been driven by the development of new LNG projects in countries such as the United States, Australia, and Russia.
- Expansion of LNG importers: The number of countries importing LNG has increased from around 15 in 2000 to over 40 in 2021. This has been facilitated by the growth in liquefaction capacity and the development of new LNG shipping routes.
- Emergence of new LNG exporters: The LNG industry has seen the emergence of new exporting countries such as the United States and Australia. This has increased competition in the LNG market and provided new supply sources for LNG importers.
- Technological advancements: There have been significant technological advancements in the LNG industry over the past two decades, particularly in the area of liquefaction technology. This has made LNG production more efficient and cost-effective.
- Growth in LNG as a fuel: LNG is increasingly being used as a fuel for transportation and power generation. The use of LNG as a transportation fuel is particularly significant in the maritime industry, where it is seen as a cleaner alternative to traditional marine fuels.
- Shift towards spot trading: The LNG industry has seen a shift towards spot trading, where LNG cargoes are sold on a short-term basis rather than through long-term contracts. This has increased the flexibility of the LNG market and provided more opportunities for buyers and sellers to participate in the market.
Overall, the LNG industry has undergone significant development over the past two decades, driven by growth in production and new supply sources, technological advancements, and increased demand for LNG as a fuel.