IEA launches new global LNG capacity tracker
The global natural gas market is expected to transition to a period of abundant supply in the coming years – largely due to an increase in global capacity to produce and export liquefied natural gas (LNG), a report said.
IEA has launched a new online resource that will make key LNG data publicly available, providing detailed information on a rapidly evolving market for the first time, said a Wam news agency report.
The IEA's new Global LNG Capacity Tracker, out on Saturday, monitors final investment decisions for new LNG export projects and provides data on liquefaction capacity additions through 2030, based on projects that are currently under construction and the latest ramp-up schedules. It will be updated regularly.
The world currently has about 670 billion cubic metres (bcm) per year of LNG liquefaction capacity. Slower-than-average capacity growth in recent years has led to higher prices amid robust demand. But capacity is set to rise strongly through the end of the decade, with significant implications for global gas markets. Between 2025 and 2030, a total of nearly 290 bcm per year of new LNG export capacity is expected to come online from projects that have already reached a final investment decision and are under construction, according to the Tracker.
The pace and scale of this expansion of supply capacity remains uncertain and may shift over time. Given this, the Tracker will aim to reflect the latest developments, providing timely insights for governments, industry and other stakeholders.
The IEA closely monitors developments in natural gas markets, which play a central role in global energy security today. This work includes the publication of the quarterly Gas Market Report as well as special reports, such as the India Gas Market Report published in February.
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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