China, Europe to drive LNG demand up in ’24

The global liquefied natural gas(LNG) demand is expected to increase this year as consumption in Europe rises and top buyer China returns to the market, according to Reuters citing TotalEnergies executive on Wednesday.

“LNG has continued to grow, with China being back in the market but not yet at the level of 2021,” Senior Vice President Asia Pacific Exploration & Production Thomas Maurisse stated at an industry conference.

“With Europe … it’s a new and big market, this demand will still continue to grow. At the same time, new capabilities will not be on stream in this very short term, so will continue to put bit of pressure on prices and volatility.” He added.

Asia spot LNG prices fell to their lowest points in almost three years last week on weak demand from Asia and Europe.

LNG importers from markets like China and India had increased their spot purchases as a result of the price decline.