LNG supplies continue growth despite weak demand on key markets

Jun 09, 2016 12:00 AM

Global liquefied natural gas (LNG) supplies continue to grow despite weak demand on traditional key markets, International Energy Agency (IEA) said Wednesday in 2016 Gas Report.

IEA also warned that today's fuel surplus may negatively affect global supply chain security as many producers would try to cut costs and to increase profits.

“We see massive quantities of LNG exports coming on line while, despite lower gas prices, demand continues to soften in traditional markets. These contradictory trends will both impact trade and keep spot gas prices under pressure,” IEA Executive Director Fatih Birol said.

According to the report, despite gas demand growth rate slowing to 1.5 percent per year during five-year period against 2 percent projected last year, new liquefying capacities in the United States and Australia will enhance LNG output dropping prices and forcing suppliers to search for new market, notably in Europe.

"We are at the start of a new chapter in European gas markets," Birol said.

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