LNG Market Outlook: Northeast Asia Import Growth to Rebound in 2024-2025

This current feature was extracted from the latest edition of Poten’s LNG Market Outlook, a monthly service published on September 26, 2023.

While LNG imports for China have rebounded in 2023 on 5% growth in gas demand, LNG imports for Northeast Asia are forecast to see only 0.3% growth with LNG imports forecast at 206.4 MMt in 2023 due to falling demand for natural gas in Japan, South Korea and Taiwan offsetting growth from China.

However, LNG imports are forecast to increase to 218.7 MMt in 2024 and 225.8 MMt in 2025. Nuclear reactor restarts and higher renewable energy output has cut into natural gas consumption in the power and industrial sectors this year.

Natural gas demand is forecast to increase in 2024 and 2025 on economic growth in the region, which will lift demand for LNG imports.

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