Page 4 - LatAmOil Week 23 2021

COMMENTARY Y
LatAmOil COMMENTAR LatAmOil

IGU upbeat on global LNG outlook

The International Gas Union’s annual LNG report is upbeat on the outlook for global LNG and

has talked up the role the fuel will play in post-pandemic recovery and the energy transition

THE International Gas Union (IGU) has pub- demand and the ability of supply chains to keep
lished its annual report on global LNG, which functioning. However, the group said that the
WHAT: shows that the group is bullish on the fuel’s pros- LNG industry had adjusted to the demand fluc-
The IGU is bullish about pects as the world recovers from the coronavirus tuations caused by COVID-19 lockdowns with
the post-pandemic pros- (COVID-19) pandemic. “incredible agility”, and supply had continued
pects for global LNG. Indeed, the group has pointed to LNG’s uninterrupted.
resilience during the worst of the pandemic last Global LNG trade even rose in 2020 to reach
WHY: year, and has talked up its role in post-pandemic 356.1mn tonnes. While this was only an increase
The group expects LNG to recovery. of 1.4mn tonnes on 2019, the IGU noted that
play a major role in both The IGU also believes that LNG has a key role the growth had come despite the disruption and
post-COVID-19 recovery to play in the energy transition, saying that gas depressed demand caused by the pandemic. The
and the energy transition. in all forms is “imperative” to help individual rise was mostly attributed to increased exports
countries meet their decarbonisation goals. It from Australia and the US, which added a com-
WHAT NEXT: has called for further LNG infrastructure devel- bined 13.4mn tonnes per year (tpy) of exports.
There is 892.4mn tpy of opment, saying this would provide a “critical Meanwhile, Asia again accounted for the
liquefaction capacity
awaiting final investment foundation” for a sustainable recovery from largest share of imports, at 70% of the total, as
decisions, according to COVID-19. well as being responsible for the largest rise in
the IGU. imports in 2020, up 9.5mn tpy compared with
Resilience 2019. This was led by China with 7.2mn tonnes
The IGU’s previous LNG report was published of new import demand, with the country having
in the relatively early days of the pandemic, amid locked down and reopened early in response to
concern over the impact it would have on global the pandemic.

P4 www. NEWSBASE .com Week 23 10•June•2021