GECF: global LNG imports down in December

In December, global LNG imports decreased by 0.10 Mt y-o-y to 38.24 Mt, Doha-based GECF said.

GECF said global LNG imports declined for the second consecutive month, despite a notable rise in global LNG exports during the same period.

The decline was driven by reduced imports in Asia Pacific and Europe, partially offset by stronger inflows into the Latin America & the Caribbean (LAC) and MENA regions.

GECF said this decrease is linked to a reduction in floating LNG cargoes at the end of 2024 compared to the previous year.

In 2023, a steep contango in September and October resulted in a significant number of floating LNG cargoes, delaying deliveries to November and December.

In contrast, LNG deliveries in 2024 were more evenly distributed, contributing to the decline in imports observed in December, GECF said.

GECF did not provide data for the full year 2024.

Based on its previous reports, global LNG imports reached 412.25 Mt, a rise of 1.65 percent compared to 405.57 Mt in 2023.

European LNG imports continue to decrease

In December 2024, Europe’s LNG imports continued to be weaker than the previous year, recording a decrease of 1.7 percent (0.19 Mt) y-o-y to stand at 11.06 Mt, GECF said.

However, it should be noted that this is the lowest y-o-y decrease since Europe’s LNG imports started declining in July 2023, it said.

Furthermore, this is Europe’s highest monthly LNG imports since January 2024.

France and the Netherlands recorded notable declines in their LNG imports, which were partially offset by stronger imports in Germany, Greece, Türkiye, and the UK.

Despite the rise in France’s gas consumption, its LNG imports declined, primarily due to a decrease in LNG imports from the US and reduced pipeline gas exports to Germany, driven by increased LNG imports in Germany, GECF said.

Similarly, weaker LNG imports in the Netherlands were largely attributed to lower imports from the US.

In contrast, Germany and Greece saw stronger LNG imports, supported by the ramp-up of new LNG import terminals and increased gas consumption, GECF said.

Greece’s LNG imports also rose due to higher pipeline gas exports to neighbouring countries, including Ukraine, which received an LNG cargo via the Alexandroupolis terminal in Greece during December.

GECF said Türkiye’s surge in LNG imports was fuelled by increased volumes from the US.

Finally, the UK recorded higher LNG imports, driven by stronger gas consumption and reduced pipeline gas imports from Norway.

Asia Pacific LNG imports dip

In December 2024 LNG imports in Asia Pacific experienced a significant y-o-y decline of 2.7 percent (0.71 Mt), falling to 25.60 Mt, GECF said.

This was the only decline in the region’s LNG imports in 2024.

GECF said the weaker LNG imports was driven by mild winter weather, ample LNG storage, and higher spot LNG prices.

China, Japan and South Korea led the decline, which were partially offset by an increase in LNG imports for Bangladesh, Indonesia, and Singapore.

China’s LNG imports declined primarily due to rising spot LNG prices, which dampened
demand, combined with mild winter weather and high LNG inventory levels, GECF said.

In Japan, despite colder-than-average weather, higher nuclear power availability and ample LNG stocks limited LNG imports.

Similarly, South Korea saw reduced LNG imports, driven by increased electricity generation from coal and nuclear sources and high LNG inventory levels, GECF said.

On the other hand, Bangladesh’s LNG imports rose due to increased spot LNG purchases.

Indonesia’s imports grew as a result of higher intra-country LNG trade.

Furthermore, Singapore’s LNG imports increased due to weaker pipeline gas supply and greater demand for LNG bunkering, GECF said.

Latin America and MENA

In December 2024, LNG imports in the LAC region jumped by 62 percent (0.31 Mt) y-o-y to 0.81 Mt, which is the highest import for the month since 2021, GECF said.

Brazil, Chile, Colombia and Jamaica accounted for the largest increases in LNG imports in the region.

GECF said Brazil’s LNG imports increased due to reduced hydroelectric output, which led to higher electricity generation from gas.

In Chile, the rise in LNG imports was supported by stronger shipments from Trinidad and Tobago and the US.

In November 2024, the Colombian government amended LNG import regulations, permitting companies other than electricity generators to import LNG, with the first such import occurring in December, GECF said.

Meanwhile, Jamaica continued to see higher LNG imports, primarily from Mexico and Nigeria.

Moreover, LNG imports in the MENA region soared by 283 percent (0.44 Mt) y-o-y, reaching
0.60 Mt in, the highest level for December since 2017.

GECF said this significant increase was primarily driven by Egypt where higher LNG imports offset a domestic gas supply shortfall due to lower domestic gas production.

LNG exports up 2.6 percent

In December 2024, global LNG exports reached a record high of 38.00 Mt, representing an
increase of 2.6 percent (0.97 Mt) y-o-y, according to GECF.

This represented the largest monthly gain since August 2024.

GECF said the growth in LNG exports came from all three major suppliers: GECF member
mountries, non-GECF countries, and LNG reloads.

Non-GECF countries remained the largest exporters, increasing their market share to 52.3 percent, up from 52.1 percent in December 2023, GECF said.

The share of LNG reloads also rose slightly, from 1.1 percent to 1.4 percent, while GECF member
countries’ share declined from 46.8 percent to 46.3 percent during the same period.

In terms of the top LNG exports globally, this was led by the US, Australia, and Qatar, GECF said.