Quote from chief_editor on June 7, 2025, 1:22 pm

In 2024, global LNG trade volume increased to 411.2 million tonnes, up by 9.8 million tonnes from the previous year.

1. The United States remained the largest LNG exporter in 2024, with total exports reaching 88.4 million tonnes (an increase of 3.9 million tonnes compared to 2023).
2. Australia was the second-largest exporter, with 81 million tonnes.
3. Qatar exported 77.2 million tonnes.
4. Russia remained the world’s fourth-largest exporter, with 33.5 million tonnes.
5. China retained its position as the largest LNG importer, with total imports reaching 78.6 million tonnes (an increase of 7.5 million tonnes from 2023).
6. Japan imported 67.7 million tonnes (an increase of 1.6 million tonnes compared to 2023).
7. The largest LNG trade flow globally remained intra-Asia Pacific trade, totaling 96.8 million tonnes.
8. India’s imports rose by 4.2 million tonnes year-on-year, reaching approximately 26.1 million tonnes.
9. LNG imports in Europe declined to 100.07 million tonnes (a decrease of 21.2 million tonnes from 2023).

 

In 2024, global LNG trade grew to 411.24 million tonnes, sourced from 22 export markets and delivered to 48 import markets. LNG re-exports decreased by 3.01 million tonnes, with total re-export volumes reaching 4.96 million tonnes for the year.

Key shifts in 2024 included increased exports from North America (+4.11 million tonnes) and the Asia-Pacific region (+4.10 million tonnes), while import volumes shifted away from Europe (down 21.22 million tonnes compared to 2023) toward Asia (+12.48 million tonnes) and the broader Asia-Pacific region (+9.77 million tonnes).

The 9.82 million tonne growth in LNG trade was primarily driven by increased production from the United States (+3.89 million tonnes), Russia (+2.16 million tonnes), Indonesia (+2.02 million tonnes), Australia (+1.48 million tonnes), and Trinidad and Tobago (+1.38 million tonnes).

On the import side, compared to the previous year, growth was led by China (+7.45 million tonnes), India (+4.19 million tonnes), Egypt (+2.65 million tonnes), Brazil (+2.28 million tonnes), and South Korea (+1.84 million tonnes).

To accommodate the continued expansion of the LNG industry, global liquefaction capacity rose from 488.0 million tonnes per annum (MTPA) at the end of 2023 to 494.4 MTPA by the end of 2024. During the same period, global regasification capacity increased from 998.1 MTPA to 1,064.7 MTPA.

The Asia-Pacific region continued to lead LNG exports, reaching 138.91 million tonnes in 2024, up from 134.80 million tonnes in 2023. The Middle East remained the second-largest exporting region, although its export volume declined slightly by 0.44 million tonnes year-on-year to 94.25 million tonnes. North America recorded the largest annual export growth (+4.11 million tonnes), bringing its total LNG exports to 88.64 million tonnes.

The United States led global LNG exports in 2024 with 88.42 million tonnes, up from 84.53 million tonnes in 2023. It was followed by Australia, whose exports increased slightly from 79.56 million tonnes to 81.04 million tonnes. Qatar remained the third-largest exporter despite a drop from 78.22 million tonnes to 77.23 million tonnes. Russia’s exports rose by 2.16 million tonnes to reach 33.53 million tonnes, with Malaysia close behind at 27.73 million tonnes.

The Asia-Pacific region was the largest LNG importing region in 2024, with imports rising by 9.77 million tonnes to reach 165.09 million tonnes. Lower prices at the beginning of the year opened the door for several price-sensitive markets to absorb more cargoes. Asia overtook Europe to become the second-largest importing region, with LNG imports increasing by 12.48 million tonnes to 117.97 million tonnes in 2024—the largest increase among all regions.

While the growth in LNG imports across Asia-Pacific and Asia was primarily driven by strong gas-fired power demand for cooling needs, Europe saw a decline in LNG imports in 2024. This was due to high inventory levels at the start of the year, weak gas consumption, and strong pipeline flows from Norway and Russia. As a result, Europe’s LNG imports dropped by 21.22 million tonnes compared to 2023, totaling 100.07 million tonnes in 2024.

Imports into the UK declined year-on-year by 6.48 million tonnes, ending 2024 at 8.03 million tonnes. Similarly, France, Spain, the Netherlands, and Belgium recorded import declines of 3.75 million tonnes, 3.49 million tonnes, 2.98 million tonnes, and 1.51 million tonnes respectively.

In contrast, LNG imports into China increased by 7.45 million tonnes and by 4.19 million tonnes into India, as both markets experienced heatwaves and higher demand for gas-fired power generation. China’s total imports reached 78.64 million tonnes, followed by Japan at 67.72 million tonnes and South Korea at 47.01 million tonnes. Together, these three markets accounted for nearly half (47.0%) of global LNG imports in 2024.

Global LNG trade grew by 9.82 million tonnes, driven by increased exports from the United States (+3.89 million tonnes), Russia (+2.16 million tonnes), and Indonesia (+2.02 million tonnes). Total LNG re-export volumes in 2024 amounted to 4.96 million tonnes.

In 2024, global LNG trade reached a record high of 411.24 million tonnes, representing a 2.4% increase compared to 2023.

Egypt (-2.79 million tonnes), Algeria (-1.44 million tonnes), and Qatar (-0.99 million tonnes) were the countries with the largest decreases in LNG exports in 2024.

Europe led global LNG re-exports in 2024 with 2.29 million tonnes, followed by the Asia-Pacific region with 1.91 million tonnes.

In terms of net imports, Europe saw the largest decline, down by 21.22 million tonnes, while Asia and the Asia-Pacific region increased their imports by 12.48 million tonnes and 9.77 million tonnes respectively.

China (+7.45 million tonnes), India (+4.19 million tonnes), Egypt (+2.65 million tonnes), and Brazil (+2.28 million tonnes) were the countries with the largest growth in LNG imports in 2024.

The Asia-Pacific region remained the largest destination for re-exported LNG, receiving 2.01 million tonnes, followed by Europe (1.25 million tonnes) and Asia (1.06 million tonnes).

The Asia-Pacific region further strengthened its position as the leading LNG importing region, with total imports reaching 165.09 million tonnes in 2024.

The United Kingdom (-6.48 million tonnes), France (-3.75 million tonnes), Spain (-3.49 million tonnes), and the Netherlands (-2.98 million tonnes) recorded the largest declines in net LNG imports in 2024.

2024 LNG Export Volumes and Market Shares (Unit: Million Tonnes)

• United States: 88.4 (21.5%)
• Australia: 81.0 (19.7%)
• Qatar: 77.2 (18.8%)
• Russia: 33.5 (8.2%)
• Malaysia: 27.7 (6.7%)
• Indonesia: 17.6 (4.3%)
• Nigeria: 13.8 (3.4%)
• Algeria: 11.6 (2.8%)
• Oman: 11.3 (2.8%)
• Trinidad and Tobago: 9.0 (2.2%)
• Papua New Guinea: 7.7 (1.9%)
• United Arab Emirates: 5.7 (1.4%)
• Norway: 5.0 (1.2%)
• Brunei: 4.8 (1.2%)
• Peru: 3.9 (1.0%)
• Angola: 3.8 (0.9%)
• Equatorial Guinea: 3.3 (0.8%)
• Mozambique: 3.1 (0.7%)
• Cameroon: 1.3 (0.3%)
• Egypt: 0.8 (0.2%)
• Congo: 0.3 (0.1%)
• Mexico: 0.2 (0.1%)

 

Despite project delays, the United States remained the world’s largest LNG exporter in 2024, with total exports reaching 88.42 million tonnes—accounting for 21.5% of global supply and representing a 3.89 million tonne increase from 2023. This growth was mainly driven by a shorter maintenance period at Sabine Pass in June 2024 and the startup of the Plaquemines export facility at the end of the year. The added capacity increased U.S. annual liquefaction capacity from 93.0 million tonnes in 2023 to 97.5 million tonnes in 2024.

Australia retained its position as the second-largest exporter, with exports totaling 81.04 million tonnes (19.7% of global supply), up by 1.48 million tonnes from the previous year. The Australia Pacific LNG project resumed operations after export disruptions caused by a carrier power failure in late 2023, although the Ichthys and Gorgon facilities experienced outages in 2024.

Qatar’s export volume declined by 0.99 million tonnes to 77.23 million tonnes, nearing its nameplate capacity of 77.1 million tonnes. Qatar accounted for 18.8% of global exports. The combined share of the top three exporters—U.S., Australia, and Qatar—stood at 60.0%, down 0.4 percentage points from 2023.

Russia’s export volume increased by 2.16 million tonnes to 33.53 million tonnes (8.2% of global supply), making it the second fastest-growing exporter. Malaysia’s exports rose by 0.97 million tonnes to 27.73 million tonnes (6.7%), driven by improved feed gas supply from new upstream projects.

Mexico (Altamira LNG) and Congo (Congo Marine XII FLNG) joined the list of LNG exporters following the commissioning of their floating liquefaction (FLNG) facilities. Among the 22 exporting markets, exports increased in 16 countries (including the newly added Mexico and Congo), while 6 saw declines.

Egypt recorded the largest drop in exports (-2.79 million tonnes), due to rising domestic demand and reduced supply. Algeria’s exports fell by 1.44 million tonnes to 11.59 million tonnes due to maintenance activities.

In addition to the U.S., Australia, and Russia, other notable exporters with significant growth included Indonesia (+2.02 million tonnes), Trinidad and Tobago (+1.38 million tonnes), Malaysia (+0.97 million tonnes), and Nigeria (+0.82 million tonnes).

From a regional perspective, the Asia-Pacific region remained the leading exporter in 2024, with 138.91 million tonnes, followed by the Middle East at 94.25 million tonnes. Asia-Pacific and North America (with Mexico included) recorded the largest year-on-year growth in exports, increasing by 4.10 million tonnes and 4.11 million tonnes, respectively. Africa’s exports declined by 2.31 million tonnes to 37.98 million tonnes, mainly due to reduced output from Egypt and Algeria.

Re-export volumes fell by 37.7% to 4.96 million tonnes, accounting for just 1.2% of total global LNG trade. The number of re-exporting markets dropped from 21 to 13. Europe (46.1%) and Asia-Pacific (38.4%) remained the primary regions for re-exported LNG. The top three re-exporting countries were Belgium (0.85 million tonnes), Indonesia (0.85 million tonnes), and Spain (0.78 million tonnes).

2024 LNG Re-Export Loading Markets (Unit: Million Tonnes)

• Belgium: 0.85 (17.1%)
• Indonesia: 0.85 (17.1%)
• Spain: 0.78 (15.8%)
• Singapore: 0.54 (11.0%)
• South Korea: 0.52 (10.4%)
• China: 0.46 (9.3%)
• France: 0.25 (5.0%)
• Netherlands: 0.23 (4.7%)
• India: 0.19 (3.8%)
• Lithuania: 0.16 (3.1%)
• Jamaica: 0.12 (2.4%)
• Finland: 0.01 (0.3%)
• Germany: 0.01 (0.1%)

2024 LNG Re-Export Receiving Markets (Unit: Million Tonnes)

• China: 0.88 (17.7%)
• South Korea: 0.77 (15.6%)
• Japan: 0.59 (11.9%)
• Spain: 0.35 (7.0%)
• Taiwan (China): 0.30 (6.0%)
• Egypt: 0.23 (4.6%)
• Thailand: 0.19 (3.8%)
• Germany: 0.17 (3.5%)
• Brazil: 0.16 (3.2%)
• France: 0.16 (3.1%)
• Puerto Rico: 0.13 (2.5%)
• Italy: 0.13 (2.5%)
• Bangladesh: 0.10 (2.1%)
• Sweden: 0.10 (2.0%)
• Finland: 0.09 (1.9%)
• Gibraltar: 0.09 (1.7%)
• Norway: 0.08 (1.7%)
• Malaysia: 0.08 (1.5%)
• Kuwait: 0.08 (1.5%)
• India: 0.08 (1.5%)
• Singapore: 0.08 (1.5%)
• Turkey: 0.08 (1.5%)
• Dominican Republic: 0.06 (1.13%)
• Netherlands: 0.006 (0.13%)
• Lithuania: 0.004 (0.08%)

 

In 2024, a total of 48 markets received LNG imports globally. Despite limited spot demand, China expanded its lead as the world’s largest LNG market, importing 78.64 million tonnes—a year-on-year increase of 7.45 million tonnes. Japan ranked as the second-largest importer with 67.72 million tonnes (up 1.61 million tonnes), while South Korea’s imports rose by 1.84 million tonnes to 47.01 million tonnes. Both countries saw increased spot purchases due to high summer temperatures, although strong inventory levels toward the end of the year reduced spot market activity. Combined, China, Japan, and South Korea accounted for 47.0% of global LNG imports in 2024.

The top five importers in 2024 were all located in Asia or the Asia-Pacific region. India, driven by extreme summer heatwaves, increased its LNG imports by 4.19 million tonnes to 26.15 million tonnes, marking the second-largest increase globally. Taiwan (China) imported 21.83 million tonnes, rising by 1.67 million tonnes and surpassing France to enter the top five.

Brazil’s imports surged by 2.28 million tonnes to 2.94 million tonnes, mainly due to drought conditions that reduced hydropower output and boosted gas-fired power demand by 44%. Colombia’s imports rose by 1.34 million tonnes to 2.11 million tonnes.

In Europe, pipeline gas flows increased by 6.1% in 2024, reaching 200.1 billion cubic meters (+11.5 billion cubic meters), leading to a drop in LNG imports. The UK saw a sharp decline of 6.48 million tonnes, ending the year at 8.03 million tonnes. France, the sixth-largest importer, recorded a drop of 3.75 million tonnes to 18.04 million tonnes, partly due to an 11.4% increase in nuclear power output.

The Netherlands, Spain, and Italy saw import declines of 2.98 million tonnes, 3.49 million tonnes, and 1.20 million tonnes respectively. Germany, despite the addition of nearly 10 million tonnes per year of regasification capacity at the Mukran LNG terminal, recorded a slight import decline of 0.25 million tonnes to 4.85 million tonnes.

2024 LNG Import Volumes and Market Shares (Unit: Million Tonnes)

• China: 78.64 (19.12%)
• Japan: 67.72 (16.47%)
• South Korea: 47.01 (11.43%)
• India: 26.15 (6.36%)
• Taiwan (China): 21.83 (5.31%)
• France: 18.04 (4.39%)
• Netherlands: 13.34 (3.24%)
• Spain: 13.32 (3.24%)
• Thailand: 11.80 (2.87%)
• Italy: 10.65 (2.59%)
• Turkey: 9.08 (2.21%)
• United Kingdom: 8.03 (1.95%)
• Kuwait: 7.23 (1.76%)
• Pakistan: 7.22 (1.76%)
• Belgium: 6.75 (1.64%)
• Singapore: 6.30 (1.53%)
• Bangladesh: 5.96 (1.45%)
• Indonesia: 5.24 (1.27%)
• Poland: 4.88 (1.19%)
• Germany: 4.85 (1.18%)
• Malaysia: 3.48 (0.85%)
• Portugal: 3.43 (0.83%)
• Brazil: 2.94 (0.72%)
• Egypt: 2.66 (0.65%)
• Chile: 2.43 (0.59%)
• Dominican Republic: 2.25 (0.55%)
• Colombia: 2.11 (0.51%)
• Croatia: 2.02 (0.49%)
• Puerto Rico: 1.91 (0.46%)
• Lithuania: 1.79 (0.43%)
• Finland: 1.57 (0.38%)
• Greece: 1.48 (0.36%)
• Philippines: 1.41 (0.34%)
• Argentina: 1.29 (0.31%)
• United Arab Emirates: 1.02 (0.25%)
• Jamaica: 0.94 (0.23%)
• Jordan: 0.88 (0.21%)
• Mexico: 0.74 (0.18%)
• Panama: 0.61 (0.15%)
• Malta: 0.40 (0.10%)
• El Salvador: 0.37 (0.09%)
• United States: 0.34 (0.08%)
• Canada: 0.31 (0.07%)
• Vietnam: 0.29 (0.07%)
• Sweden: 0.22 (0.05%)
• Norway: 0.14 (0.033%)
• Gibraltar: 0.09 (0.021%)
• Russia: 0.08 (0.019%)

 

After receiving their first LNG cargoes in 2023, Vietnam and the Philippines further increased imports in 2024. Vietnam imported 0.29 million tonnes (+0.22 Mt), while the Philippines imported 1.41 million tonnes (+0.81 Mt). Singapore saw a surge in demand driven by data centers, leading to a 1.49 million tonne increase in imports to 6.30 million tonnes. In Kuwait, increased summer gas-fired power demand pushed imports up by 1.09 million tonnes, reaching 7.23 million tonnes. Jordan imported 0.88 million tonnes, up 0.75 million tonnes, largely for consumption in Egypt.

At the regional level, Asia-Pacific and Asia dominated global LNG imports:

• Asia-Pacific: 165.09 million tonnes (40.1% of global imports)
• Asia: 117.97 million tonnes (28.7% of global imports)
  Together, they accounted for 68.8% of global imports—up 3.9 percentage points from 2023.

Europe remained the second-largest importing region with 100.07 million tonnes, though this marked a decline from 121.29 million tonnes in 2023. The reduction was mainly due to:

• High underground storage levels at the beginning of the year (86.1% as of January 1)
• Strong pipeline gas flows from Norway and Russia.

However, by the end of 2024, with storage levels drawn down and the expiration of the Russia–Ukraine transit agreement, LNG imports began to recover, setting the stage for increased European demand in 2025.

Global LNG trade in 2024 became more regionally concentrated:

• Asia: +12.48 million tonnes to 117.97 Mt
• Asia-Pacific: +9.77 million tonnes to 165.09 Mt
• Europe: –21.22 million tonnes to 100.07 Mt

As a result:

• Asia-Pacific's share rose to 40.1% (from 38.7% in 2023)
• Asia's share rose to 28.7% (from 26.3%)
• Europe's share declined to 24.3% (from 30.2%)

Intra-Asia-Pacific trade remained the largest LNG trade flow globally, totaling 96.76 million tonnes. Major contributors included:

• Australia: 53.86 million tonnes
• Malaysia: 19.91 million tonnes
• Indonesia: 13.45 million tonnes (+2.54 Mt)

Australian exports by destination:

• To Japan: 25.86 Mt (–1.75 Mt vs. 2023)
• To South Korea: 11.63 Mt (+0.89 Mt)
• To Taiwan: 8.26 Mt
• To Philippines: 0.59 Mt (42% of Philippines’ total imports)

Malaysia exported:

• To Japan: 10.51 Mt
• To South Korea: 6.26 Mt
• To Taiwan: 1.01 Mt

Indonesia’s domestic trade grew by 1.01 million tonnes to 5.07 million tonnes, representing the largest intra-Asia-Pacific growth.

Interregional trade flows:

• North America to Asia-Pacific: +4.75 Mt to 19.18 Mt
• Africa to Asia-Pacific: +2.16 Mt to 6.65 Mt
• North America to Europe: –10.28 Mt, yet still the second-largest trade route at 46.35 Mt. Key recipients:
  • Netherlands: 9.40 Mt (–2.57 Mt)
  • France: 6.76 Mt (–3.30 Mt)
  • UK: 5.23 Mt (–3.58 Mt)

Turkey, driven by its regional gas hub ambitions, increased imports by 1.00 Mt to 3.84 Mt.

Middle East to Asia trade reached 45.99 million tonnes, ranking as the third-largest trade route.

Africa to Europe saw a sharp decline of 7.46 million tonnes, falling to 18.21 million tonnes, while flows to Asia rose by 3.02 million tonnes to 10.03 million tonnes, led by:

• Angola: 2.01 Mt
• Equatorial Guinea: 1.41 Mt
• Mozambique: 1.37 Mt

Russian LNG exports to Europe increased by 2.61 million tonnes to 16.89 million tonnes, while exports to Asia-Pacific and Asia declined slightly by 0.31 Mt and 0.14 Mt, respectively.

This article presents a translated summary of key content from the 2025 World LNG Report, intended for informational and professional reference.