The global liquefied natural gas (LNG) trade experienced significant expansion in 2023, with daily trade volumes averaging 52.9 billion cubic feet (Bcf/d), reflecting a 3.1% increase from the previous year, as reported by a prominent industry group.
This growth was propelled by enhanced export and import capacities alongside rising global natural gas demand. The latest findings, published by a leading energy research entity, underscore substantial advancements in LNG infrastructure and operations worldwide.
In the United States, a major LNG facility resumed full production by April 2023 following a temporary shutdown in mid-2022. Additionally, new projects in Mozambique and Russia contributed to increased production throughout the year.
Indonesia's LNG facility expanded its export capabilities with the addition of a third train, while Norway and Oman optimized existing plants to boost production volumes.
The report identifies the United States as the top global LNG exporter in 2023, achieving a 12% increase in exports compared to the previous year. Alongside Australia and Qatar, these nations collectively accounted for 60% of global LNG exports.
Europe and Asia led the expansion in LNG import capacities, with Europe introducing new Floating Storage and Regasification Units (FSRUs) and expanding existing terminals. Asian countries such as China, India, the Philippines, and Vietnam also bolstered their import capabilities.
China maintained its status as the largest LNG importer for the second consecutive year, with a 12% rise in imports. India's LNG imports also surged due to new regasification terminals and favorable pricing.
In Latin America, countries like Colombia increased LNG imports to compensate for reduced hydropower generation during drought conditions. Conversely, Brazil scaled back LNG imports as hydropower production recovered.
Overall, the global LNG market in 2023 exhibited robust expansion across both export and import sectors, driven by strategic infrastructure investments and increasing global energy needs.
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