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US and China set to claim top exporter and importer crowns in 2024

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LNG Industry,

According to Reuters, the International Energy Agency’s (IEA) latest projections indicate that the US and China will establish themselves as the world’s biggest LNG exporters and importers, respectively, in the next five years.

Peter Fraser, Head of the Gas, Coal and Power Markets Division at IEA, reportedly said that LNG exports from the US are expected to increase to more than 100 billion m3 in 2024. This will overtake the current market leaders, Australia and Qatar.

In China, meanwhile, LNG imports are expected to increase to over 100 billion m3 in 2024, surpassing the world’s largest current importer, Japan. The IEA added that the country’s demand for gas is driven by environmental policies encouraging the transition from coal.

According to Reuters, the restart of several nuclear power plants in Japan following Fukushima is leading to the decline in LNG imports.

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