Global LNG Prices Exhibit Volatility, TotalEnergies CEO Discusses Market Dynamics
TotalEnergies CEO, Patrick Pouyanne, recently addressed the current volatility in global LNG prices at the Wood Mackenzie’s Gas and LNG Future of Energy Conference.
He emphasized that the LNG market's unpredictability is linked to a tight supply-demand balance, projecting stabilization around 2026-2027 with increased supply.
Pouyanne noted that TotalEnergies manages over 50 million tons, representing over 10% of the global LNG market. The CEO highlighted the strategic role of the U.S. market in their portfolio, facilitating shipments between Europe and Asia.
More Insight
In the context of the International Gas Union (IGU) report, Asian markets, led by China, dominated LNG purchases in 2022, with U.S. exporters taking the lead in sales.
The report emphasized the role of LNG aggregators in diversifying portfolios and supporting project development.
Bloomberg's forecast for winter 2023 anticipates a 12% growth in China's LNG demand, driven by more affordable prices. The transport industry is expected to experience rapid growth, with natural gas-fueled vehicles becoming economically appealing.
However, the report highlights potential constraints on LNG imports due to competitive local production and pipeline imports.The International Gas Union's Global Gas Report in October 2023 predicts Nigeria, Qatar, and Russia to emerge as major LNG suppliers to Europe.
Despite Europe's significant increase in LNG imports, reaching 124 million tons in 2022, the Nigeria Liquefied Natural Gas (NLNG) faces challenges. NLNG's Bonny plant remains under force majeure since October 2022 due to attacks on gas pipelines and reduced output from aging wells in Nigeria.
Related
- Customer Service Executive Job Opening at Feegor Inc
- Research Consultant Recruitment at Search for Common Ground (SFCG)
- Officer, Procurement Job Vacancy at Ardova Plc: Apply Now
- Lead Process Engineer Job Vacancy at Zigma Limited
- Audu Bako College of Agriculture Opens Applications for 2024/2025 Certificate Courses
Have a question? Ask now!
Follow us on Instagram!