Last year, global LNG exports grew at the slowest rate since 2015.
This stunted growth pattern threatened to keep prices high until new supplies come online.
In 2024, annual LNG shipments were set to rise by 0.4% to around 414 mill tonnes, according to data compiled by Kpler.
However, delays to US projects and sanctions against Russia’s latest facility curbed new supplies from entering the market.
The LNG market has been finely balanced since Russia’s invasion of Ukraine in 2022, which as a result, cut Russian pipeline gas imports into Europe.
A lack of new export suppliers made the market susceptible to price spikes for European and Asian buyers.
In contrast, the market could be boosted this year by new US projects ramping up production and a Canadian export project coming online.
Just before the end of last year, Venture Global’s Plaquemines plant exported its first cargo, while Cheniere’s CCL Stage 3 began its first LNG production.
The US was the world’s largest LNG exporter in 2024, shipping a record 87 mill tonnes, roughly equal to the previous year, according to Kpler’s data.
China remained the largest buyer for a second year running, receiving more than 78 mill tonnes, up by 8.5% year-on-year, however, this was slightly lower than the 2021 total of around 80 mill tonnes.
