Saturday December 10, 2022

What people are reading now:

LNG - a Solution to End Dependence on Russian Oil and Gas

Author: Exports News
Aug 29, 2022
2 min read
642
0
642
0
Aug 29, 2022
2 min read
LNG - a Solution to End Dependence on Russian Oil and Gas

Liquefied natural gas (LNG) has been on the rise over the last couple of years and is continuing to gain ground as some of the biggest energy consumers turn away from Russian oil and gas.

Leading LNG Producers

The case for LNG as a cleaner fossil fuel than oil has been made, prompting energy multinationals such as Shell and Total to make significant investments in the sector.

The United States, Qatar, and Australia are currently at the top of a growing list that includes Algeria, Nigeria, Egypt, Angola, Malaysia, Indonesia, Trinidad and Tobago, Brazil, Mexico, Scandinavia, and others. Bloomberg predicts that global LNG supply could reach 449 million tons by 2025, up 23% from 2020.

A Growing and Diverse Market

Among the top consumers are the European Union (EU) and Asia. Billions of dollars are being invested into LNG infrastructure and transportation at the moment, which is a clear sign that it will play an important role in energy over the next two decades at least.

Apart from powering homes, cars, and the overall industry, LNG is an alternative in the production of fertilizers. It is also used to make paints and medication.

Liquified natural gas being transported

A New Energy Order

After the Russia-Ukraine war, LNG has the potential to influence the international trading order and geopolitical relationships. The US currently exports 75% of its LNG to the EU and will likely provide even more in order to undermine Russia's economy.

Australia exports most of its LNG to China, Japan, and South Korea, which are on the lookout for cleaner alternatives. Qatar is increasingly becoming a big player in the world economy and politics due to its natural gas reserves. Judging by the number of visits to Africa and the Middle East, EU leaders see the region as vital to their energy security.

The Transition to Clean Energy

There is pressure on both producers and consumers to turn their attention to non-carbon energy sources, but some see LNG as the next necessary step towards cleaner energy. Whatever path the global energy economy follows, LNG will have a major impact on what happens next.

Stay Up-To-Date with Exports News

For updates on international trade, make sure to check out the rest of our site and enjoy all the benefits we have to offer today!

No Comments

There aren't any comments yet. Be the first to comment!

logo
Export Portal
The number one import and export source
Export Portal
Feedback
Subcribe modal

Stay up to date

Keep up with the latest Import and Export news from all over the globe.

This website uses cookies. By using this website, you consent to our use of these cookies
confirmed-subscription
Your subscription has been confirmed
Thank you!
logo

Browser not supported

We do not support the Internet Explorer browser. For a better experience, please use a different browser.