LNG: 2023 in review

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2023 will be remembered as a pivotal year for the LNG industry. While the market eases up, volatility remains. New supply growth was limited, with record levels of planned maintenance. In Asia, price-sensitive buyers progressed as prices started softening, and we saw the emergence of new import markets while European demand decreased. In this report, we examine the changed LNG landscape, recap the year’s most significant developments, review trends and share our outlook for the industry.

Table of contents

    • Year-on-year supply growth was limited
    • The market found a new balance in 2023
    • 2023 was a volatile year for natural gas and LNG prices
    • Sanctioned capacity increased by 67% in 2023
    • Additional projects continue to move forward
    • Brent-linked deals
    • North American deals
    • Contractual terms were front of mind
    • Ordering, delivering and shipyards
    • Spot charter rates descended
    • 2023 was another huge year for the LNG industry

Tables and charts

This report includes 8 images and tables including:

  • Global LNG exports year-on-year change
  • Global LNG imports year-on-year change
  • LNG prices 2021-2023
  • Global FID taken
  • ACQ of all contracts by buyer type (mmtpa)
  • ACQ of end user contracts by source (mmtpa)
  • Regas terminals commissioned in 2023
  • LNG spot charter rates

What's included

This report contains:

  • Document

    LNG: 2023 in review

    PDF 1.34 MB

  • Document

    2023 Year In Review Datafile.xlsx (1)

    XLSX 185.04 KB