LNG: 2020 in review Report

Insight 19 January 2021

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Report summary

It’s been a quite a year, and the LNG industry has had its share of ups and downs in 2020 too. Throughout the challenges of the pandemic and the corresponding collapse in prices, LNG demand has remained resilient, growing modestly by 1%. However, the unprecedented lows for gas and LNG spot prices through the summer months resulted in a record level of cancelled cargoes. On the flip-side multiple unplanned outages at LNG plants, coupled with record low temperatures in Asia – has resulted in unprecedented highs in spot prices as we exit 2020 and enter 2021. Our LNG year in review summarises the data and developments in the LNG market in 2020, for total LNG supply, LNG demand, prices, new supply and regas FID's, shipping and contracts.

Executive Summary
LNG supply
- LNG supply highlights of 2020
- Oceania: Production issues knock Australia down from LNG producer top spot
- Russia: Production remains steady while further FID’s delayed
- Middle East: FID delayed on Qatari expansion
- Africa: Production remains strong but delays to under construction and pre-FID projects
- North America: weathering the storms to end on a high
- Latin America: Argentina drops off LNG producer list while T&T faces feedgas shortages
LNG demand
- LNG demand highlights of 2019
- China – resilient LNG demand growth against the coronavirus-led economic slowdown
- Japan, South Korea, Taiwan: Covid-19, weak power demand and high inventory weigh on Japan and South Korea LNG imports, whilst Taiwan LNG demand growth remains resilient
- South Asia - LNG demand continues to grow despite impacts of the pandemic
- South East Asia – LNG demand grows slightly despite decline in gas demand with pipeline gas taking the hit, except for Indonesia; Myanmar joins the ranks of LNG-importing countries
- Americas – LNG imports drop as Mexican pipeline imports ramp-up
- Europe – A new high for LNG imports despite the impacts on NW Europe
- Middle East & North Africa – Imports grow marginally, driven by Kuwait
LNG regas infrastructure
- FSRUs
- Regas start-up's and FID's
LNG shipping
LNG corporate and contracts