Oil & Gas

In the third quarter of 2024, the top 10 global importers of liquefied gas remained unchanged in the top five compared to the first half of the year, with China maintaining its lead. However, an Arab country made its debut on the list.

According to the "Arab and Global Liquefied Gas Markets Developments in the Third Quarter of 2024" report, published by the Washington-based Energy Research Unit, China accounted for nearly 20% of total global liquefied gas imports, which exceeded 98 million tons in this period.

Total imports by the top 10 LNG-importing countries globally rose to 75 million tons between July and September 2024, up from 73.67 million tons in the same period in 2023. These countries accounted for over 76% of global imports, according to Energy Research Unit data.

Asian countries occupied the top five spots among the largest importers of liquefied gas globally, while European imports declined. Kuwait appeared in the 10th position on the list.

China's LNG Imports
China led the list of top LNG importers in the third quarter of 2024, with imports reaching 19.50 million tons, a 10% increase from 17.71 million tons in the same quarter of the previous year. In the first nine months of 2024, China's imports totaled 58.23 million tons, up from 51.5 million tons in 2023. September saw imports of 7.09 million tons, the second-highest monthly figure after January.

Japan in Second Place
Japan ranked second, with LNG imports rising 4% to 17.36 million tons during the third quarter, compared to 16.67 million tons in the previous year. By the end of September, Japan's total imports for 2024 reached 50.35 million tons, slightly up from 49.5 million tons in the same period last year. Japan's September imports of 6.2 million tons were the highest monthly average for 2024.

South Korea's LNG Imports
South Korea came in third, with imports increasing to 10.25 million tons in Q3 2024, up from 9.29 million tons in the same period in 2023. During the first nine months of 2024, South Korea imported 33.9 million tons, compared to 32.81 million tons in the same period last year.

Other Notable Importers
India ranked fourth, with imports rising to 6.65 million tons in Q3 2024, while Taiwan came in fifth with 6 million tons. In contrast, European imports declined, with France falling to sixth place, importing 3.2 million tons, followed by the Netherlands in seventh with 3.04 million tons, and Spain in eighth with 3.01 million tons.

Kuwait, appearing in the top 10 for the first time, ranked 10th with 2.77 million tons, an increase from 2.65 million tons in the same quarter last year. The high summer temperatures in Kuwait, reaching around 52 degrees Celsius, drove increased electricity demand, leading to higher consumption of natural gas at power stations.