Global LNG supply is growing fast, as legacy exporters outperform and new capacity ramps up, mainly in the US and Australia. Production has grown by 15%since 2015 and by 2020, we expect global supply to rise another 20%, as further projects in both these countries are brought onstream. We expect most projects targeting Final Investment Decision (FID) in 2017 to be delayed, with only Fortuna FLNG likely to progress. The prospects for 2018 also seem bleak with only niche projects, and brownfield expansions proceeding in the short term. There is little appetite for investments in large scale infrastructure in the current low price environment. Longer term, we expect the market for new supply to improve and we forecast global LNG supply to more than double between 2015-2035. With Qatar pushing to maintain market share, the competition for new projects is fierce, and costs are coming down.