Michiel Mak, Senior Vice President LNG, Shell North America, in San Antonio, Texas

Any discussion of global supply trends must include the dynamics of the emerging LNG spot market. The spot market now accounts for 10 percent of LNG sales and while growing will remain the junior partner of the long-term market.

Of possibly greater significance is the development of diversion capability within long-term supply contracts. It enables suppliers and receivers to divert volumes at times of lower demand to a third party elsewhere.

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