BAKU, June 25 — Liquefied natural gas (LNG) oversupply may extend well into the 2020s keeping prices low, Charles Ellinas, CEO of Cyprus-based energy consultancy e-CNHC told Azerbaijan’s Trend News Agency (TREND). He pointed out that the global LNG market was in trouble before Covid-19 as...
A liquefied natural gas storage facility of the ENN Group Co is under construction in Baoding, Hebei province, China December 5, 2017. — Reuters pic
According to TREND, the IEA forecasts that with more LNG coming into the market, and with global demand taking years to recover, there will be longer-term overcapacity and oversupply, added Ellinas. “But with China giving priority to domestic energy resources because of energy security concerns coming out of worsening relationship with the US, its future LNG demand growth is under question. As a result, LNG oversupply may extend well into the 2020s keeping prices low.
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