U.S., China Will Be World’s Biggest LNG Exporter and Importer in 2024: IEA

The United States and China will become the world’s biggest liquefied natural gas (LNG) exporters and importers, respectively, in five years, according to projections by the International Energy Agency (IEA).  U.S. LNG exports are expected to rocket to over 100 billion cubic meters (bcm) in 2024, dislodging current market leaders Australia and Qatar, Jean-Baptiste Dubreuil, senior natural gas analyst at IEA, said on Tuesday. He was speaking at a presentation sponsored by Columbia University’s School of International and Public Affairs Center on Global Energy Policy in New York. China’s LNG imports, meanwhile, are expected to surge to over 100 bcm in 2024, topping those of current world leader Japan. World LNG demand reached a record 432 bcm in 2018 after soaring about 10% a year over the past few years due primarily to fast growth in China. IEA said China’s demand for natural gas, which soared 18% in 2018, is driven by environmental policies switching most industrial and residential consumers from coal to gas to reduce air pollution. IEA said it expects the increase in gas consumption in China to slow to an annual rate of 8% through 2024 due to slower economic growth. The United States, which is already the world’s biggest gas producer, will see production grow to over one trillion bcm in 2024, boosting its share of global output to about 23%, according to IEA projections. Reuters

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