According to the LNG Outlook 2023 report prepared by Shell, European countries including the UK imported 121 million tons of LNG last year.
According to the report, European countries, which limited their natural gas purchases from Russia in order to support Ukraine, considered alternative sources such as LNG.
With the decrease in demand for natural gas from Russia, LNG imports increased, especially with the rapid renewal and development of regasification plants in northern Europe.
Thus, Europe’s LNG imports increased by 60 percent last year compared to the previous year, and LNG has become an important part of Europe’s energy security.
While this situation brought LNG prices to record levels, it caused price fluctuations in the energy markets around the world.
Europe’s turn to more LNG has forced other buyers around the world who need this gas to reduce their imports and turn to other fuels.
High global LNG prices caused Pakistan and Bangladesh to import more fuel oil and India to use more coal, while LNG imports decreased in South Asian countries.
According to the report, global LNG demand is estimated to reach 650 million tons by 2040.
“More investment in liquefaction projects is needed to avoid the supply-demand gap expected to emerge in the late 2020s,” the report states. statements were included.