Global LNG supply tracker Q4 2019: snowed under with supply Report

Insight 26 November 2019

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Report summary

Global LNG supply increased +10.8 Mt year-on-year in Q3 2019. The last two quarters have posted the highest year-on-year growth since 2010. This contributed to the oversupply situation and maintained pressure on global gas prices. We anticipate global output to reach 363.4 Mt in 2019 (+38 Mt or +11.6% y-o-y). Despite a strong supply push continuing this winter, growth will gradually soften. The market will enter into its second year of LNG oversupply in 2020. We forecast 390 Mt of LNG (+26 Mt or 7.2% y-o-y) but with a risk of downside to US supply if prices crash.

Highlights
- Downside risks to our view
- Existing producers
- New projects
- Upside risks to our view
- Existing projects
- New projects
Key changes to Asia-Pacific LNG supply
- Australia
- Brunei
- Indonesia
- Malaysia
- PNG
- Russia East
- Peru
Key changes to Middle East and North Africa (MENA) supply
- Oman
- Qatar
- UAE
- Yemen
- Egypt
Key changes to Atlantic supply
- US East
- Trinidad and Tobago
- Argentina
- Russia West
- Nigeria
- Algeria
- Cameroon
- Equatorial Guinea
- Angola