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IEEFA: The US pause on LNG export permits doesn’t threaten power safety in Europe and Asia

by manusohal
February 9, 2024
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IEEFA: The US pause on LNG export permits doesn’t threaten power safety in Europe and Asia
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The Biden administration’s choice to briefly pause allowing for brand spanking new LNG export terminals has induced an uproar amongst trade teams and fossil gas firms. In Congressional hearings on the problem this week, opponents of the transfer repeatedly declared it might damage US allies in Europe and Asia that ‘desperately’ want American LNG.

Nevertheless, these claims ignore primary tendencies in international gasoline markets. In Europe, the function for gasoline is shrinking quickly because the continent accelerates its transition to wash power. LNG demand is falling in Japan and South Korea, which have traditionally been the US’s largest prospects. In rising Asian markets, the US will battle to compete with cheaper LNG suppliers.

The biggest consumers from new US LNG services usually are not European and Asian shoppers in any respect. As an alternative, they’re giant oil and gasoline merchants speculating on their skill to re-sell LNG at a revenue. The US pause is subsequently about tackling the unfettered, pointless enlargement of the LNG trade and shouldn’t be misconstrued as a risk to international power safety.

Moscow’s invasion of Ukraine in February 2022 was a wake-up name for European nations overly depending on imported pure gasoline, nearly all of which was coming from Russia. As gasoline costs skyrocketed, diversifying power sources and lowering gasoline consumption and imports had been essential to sort out the disaster and guaranteeing power safety.

As one of many world’s high three LNG exporters at the moment, the US stepped as much as break Russia’s grip on European gasoline provide and assist the continent diversify – it greater than doubled LNG exports to Europe in every of the final two years in comparison with 2021.

With international commodity costs reaching document highs in the summertime of 2022, nonetheless, European nations additionally carried out power effectivity and demand administration measures whereas scaling up renewables deployment. As households turned down their thermostats and put in photo voltaic panels in document numbers, these methods began bearing fruit. EU gasoline demand dropped 14% in 2022 and seven.4% in 2023, and gasoline storage ranges exceeded targets.

As these tendencies proceed, EU gasoline demand might fall a further 16% by 2030. IEEFA expects the continent’s LNG demand to peak in 2025 – far sooner than US export tasks affected by the pause would enter the market.

A better have a look at key Asian LNG markets reveals a equally bleak outlook for proposed US tasks. Japan has traditionally been the world’s largest LNG purchaser, however imports peaked in 2014 and dropped 8% in 2023. As technology from nuclear and renewables will increase, IEEFA expects that Japan’s LNG demand might fall practically one-third by 2030. Japan’s largest firms have repeatedly acknowledged that they’ve extra LNG than is important to satisfy home demand.

South Korea has been the most important purchaser of US LNG since 2016. However demand in South Korea dropped 4% in 2023, and will fall 20% by the mid-2030s as renewables displace LNG within the nation’s energy combine. Within the long-term, 2050 net-zero targets in each Japan and South Korea depart no room for unabated pure gasoline within the power combine.

In China, LNG demand development stays extremely unsure given quickly rising renewables deployment, in addition to larger availability of cheaper pure gasoline sources. What is evident is that US performs solely a small function in supplying China; US exports accounted for simply 4% of its complete LNG purchases in 2023.

The identical goes for potential LNG development markets in South and Southeast Asia. As LNG demand centres shift to extra price-sensitive markets, US LNG exporters will probably battle to wrestle vital market share from cheaper, geographically nearer suppliers in Asia.

Australia, Qatar, and Malaysia equipped over 70% of the Southeast Asian market final 12 months. In the meantime, Qatar – the world’s least expensive LNG exporter – equipped over 60% of the full imports into South Asia. Qatar goals to massively develop its export capability this decade, additional limiting the upside for US LNG in rising markets. Lately, nations like Brazil, India, and Bangladesh have seemed to buy Qatari LNG as a result of its low prices relative to different suppliers.

There’s loads of LNG to go round, because the world is on tempo for document will increase in international provide this decade. The US has 5 liquefaction tasks beneath development that aren’t affected by the Biden administration’s choice and which might practically double the nation’s export capability.

Importantly, the most important contracted consumers from these new services usually are not finish customers in Europe and Asia. As an alternative, they’re oil and gasoline majors and commodity merchants like ExxonMobil, Shell, and Gunvor, which goal to capitalise on resale alternatives. By some estimates, these so-called ‘portfolio gamers’ have signed on to purchase two-thirds of capability beneath development in North America.

As key markets in Europe and Asia lower their dependence on LNG, merchants are absorbing an rising share of US volumes, betting on the long-term development of the worldwide market. The pause on new US export permits is about reining in how a lot fossil gas firms are allowed to gamble.

Learn the article on-line at: https://www.lngindustry.com/special-reports/09022024/ieefa-the-us-pause-on-lng-export-permits-does-not-threaten-energy-security-in-europe-and-asia/



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