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The global LNG industry is in a crucial stage of it development as a key supplier of natural gas to the world markets.
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The global LNG industry is in a crucial stage of it development as a key supplier of natural gas to the world markets. Natural gas has been touted as the fuel of the future due to its clean burning nature, thereby forecasting a positive outlook for future demand. However, in the current scenario, with the economic downturn, the natural gas demand and thereby the LNG demand has slackened. Also, increases in natural gas supplies from unconventional sources have altered the supply situation, inducing a surplus in supply. In this scenario, the global LNG industry faces a significant challenge in the short to medium term.
The global economic crisis led to a significant drop in natural gas demand globally. The world natural gas demand dropped drastically in 2009, which led to a huge slump in natural gas prices. The excess production and low demand have forced the natural gas prices to remain low at an average of $4- $4.5 per million British thermal units (MMBTU), even with crude oil prices hovering at around $80 a barrel.
The low natural gas demand has translated into lower LNG demand globally. Major LNG consumers like Japan and Korea witnessed a huge drop in LNG demand in 2009, driven mainly by the slump in the industrial sector. The LNG consumption in Japan, the biggest LNG market globally, fell by almost 10% in 2009.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
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