Oil & Gas

The Energy Research Unit (ESQU) has unveiled its third quarterly edition of the Arab and International Liquefied Gas Market Developments Report for 2024, covering the period from July to September. This comprehensive report includes 13 topics and nearly 30 graphs, providing an in-depth analysis of sector developments and trends. Notably, it highlights significant changes among Arab countries involved in the liquefied gas markets, focusing on both exporting nations such as Qatar, Oman, Algeria, and the UAE, and importing nations like Kuwait and Egypt.

According to the report, total Arab liquefied gas exports decreased by 3.6% in the third quarter of 2024, totaling 27.35 million tons compared to 28.37 million tons in the same period last year. This decline was influenced by Egypt's absence from the export market and notable decreases in Algeria and Oman’s exports by 28% and 7%, respectively. In contrast, the UAE and Qatar saw increases in their exports, with the UAE up by 21%. The report details these shifts, addressing key topics such as the performance of Arab exporters and the dynamics of the global LNG landscape.

On the global front, the United States retained its position as the world's largest liquefied natural gas exporter, with exports rising to 21.11 million tons. Qatar surpassed Australia, now ranking second with approximately 20.38 million tons, while Russia increased its exports by 9.5% to 7.51 million tons. The report also highlights Nigeria as the largest exporter of liquefied gas in Africa, continuing to outperform Algeria. These changes underscore the evolving dynamics of the liquefied gas market and the competitive landscape among exporting countries.

In terms of imports, China, Japan, and South Korea remained the top three global importers, although Europe saw a 22% drop in LNG imports, largely due to reduced supply from various countries except for Russia. Interestingly, Egypt returned as a net importer for the first time since 2018, meeting growing domestic demand amid declining production. The report notes Kuwait's record-high imports of 2.77 million tons during the quarter, reflecting the increased energy demands in the region. Overall, the Energy Research Unit's report provides crucial insights into the shifting trends within the liquefied gas markets, highlighting both challenges and opportunities in this vital sector.