LNG imports worldwide reach record high

(MENAFN) According to figures from Refinitiv, as reported by Reuters, worldwide customers imported 409 million tons of liquefied natural gas (LNG) in last year, up from 379.6 million tons the year before.

In line with the reports, the record amounts were caused by surging demand, particularly from the European Union, which has emerged as the leading consumer of the ultra-chilled fuel as it scrambles to cut back on supplies of Russian pipeline gas.

As European benchmark prices increased as a result of the decline in Russian pipeline supplies to the majority of European Union clients due to sanctions, the area is anticipated to have acquired about 25 percent of all LNG traded in last year, defeating Asian users in a price war.

The European Union imported 101 million tons of LNG last year, an increase of 58 percent from 2021. The majority of the European LNG imports were helped by Asia's lackluster demand, where China had an exceptional fall in energy consumption as a result of a slowdown in economic development brought on by COVID. The majority of South and Southeast Asia, meantime, was unable to pay the rising spot costs for gas due to the expansion of European Union imports.

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