The International Gas Union (IGU) today released its 2017 World LNG Report.
Global LNG trade in 2016 reached a record 258 million tonnes (MT) – an increase of 5% from 2015, and the largest ever year for LNG trade. This increase is particularly noticeable when compared with the average 0.5% growth rate of the previous four years.
This jump can primarily be attributed to a significant increase in new supply, due largely to the start of exports from the US Gulf of Mexico, as well as the start of commercial operations in Australia Pacific LNG, among others.
The most pronounced increase in demand comes from Asian markets, with China’s LNG consumption increasing by roughly 35% to 27 million tonnes per annum (MTPA).
In 2016 global liquefaction capacity reached 339.7 MTPA – building on the 2015 measurement of 301.5 MTPA and growing at a consistent rate. This growth includes new projects such as Sabine Pass LNG, as well as Gorgon LNG and Australia Pacific LNG. Global liquefaction capacity is expected to grow significantly over the next few years, with 114.6 MTPA of capacity under construction as of January 2017.
Image Source: International Gas Union (IGU)