(MENAFN) According to British energy giant Shell, the European Union and United Kingdom greatly expanded their imports of liquefied natural gas (LNG) last year, and the trend is anticipated to continue, producing fundamental changes in the global energy market.
The European Union and United Kingdom struggled to locate supplies after virtually losing pipeline gas flows from Russia, therefore according to Shell, they bought 121 million tons of LNG in the last year, an increase of 60 percent from 2021.
Due to a decline in demand from China and a reduction in imports from South Asia, Europe was able to secure LNG supplies. But, Shell predicts that during the next two years, "Europe’s rapidly rising appetite for LNG" is going to increase competition for scarce new supplies on the worldwide market.
Based on the research, rising European demand has already driven Asian spot LNG prices to all-time highs of over USD70.5 for one million British thermal units (mmBtu), creating "volatility in energy markets around the world."
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