Gulf crisis tests China’s energy stockpile
China’s crude stockpiles and rising domestic gas output are an energy buffer against Gulf disruption in the short term
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Past Event
June 24, 2024
10:00 am - 11:00 am edt
Since the start of the war in Ukraine in February 2022, the global gas market has witnessed considerable changes. This is particularly the case for the global LNG market, as LNG flows were massively redirected to Europe in 2022. The year 2023 seems to mark a period of calm after the storm. LNG trade grew by 2.1% in 2023, lower than the 5.6% growth experienced in 2022. The US became the world’s largest LNG exporter ahead of Qatar and Australia, while the number of LNG importing countries increased to 48. Still, tensions remain with the droughts impacting the transit through the Panama Canal while the attacks on vessels in the Red Sea impacted the flows through the Suez Canal.
In June 2024, the International Group of Liquefied Natural Gas Importers (GIIGNL) released its 2024 Annual Report, which provides key figures and trends of the LNG market in 2023. As in previous editions, the report contains key LNG import and export data by country, as well as the LNG trade matrix for both total LNG trade and short and spot LNG trade. It also provides updates on the evolution of LNG regasification and liquefaction capacity, the LNG fleet and new LNG contracts signed.
Join the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs for a discussion on the main findings of GIIGNL’s 2024 Annual report.
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