Global LNG trade growth expected to slow to 4% in 2022: IEA

Global LNG trade growth is expected to slow to 4% in 2022, following year-on-year growth of 6% last year on the back of strong economic recovery in Asia, the International Energy Agency said Jan. 31.

In its latest quarterly gas market report, the IEA said the LNG demand expansion in Asia during 2021 is expected to moderate this year and the drought-driven rise in South American imports is set to reverse.

Global LNG trade in 2020 was estimated at around 356 million mt by industry group GIIGNL.

A 6% increase last year as estimated by the IEA suggests total trade in 2021 of some 377 million mt and forecast growth to around 392 million mt this year.

In its report, the IEA said Asia would account for all the net growth in LNG imports in 2022.

“China remains the single largest country contributor to import growth, but its growth rate drops to 9% in 2022 due to the ramp-up of pipeline flows from Russia and the overall slowdown in gas demand growth,” the IEA said.

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