The Institute for Energy Economics and Financial Analysis revealed that LNG demand fell nearly 1% in the first quarter of 2023, continuing to decline year-on-year for the sixth consecutive quarter.
Asia’s low LPG demand, led by Japan, China and South Asian countries, surpassed growing demand in South Korea, Taiwan, Thailand and Singapore during the first quarter of this year.
As fighting surged in the Ukrainian war, gas shipments shifted from Asia to the European continent, where LNG imports increased by 60% over the past year, as opposed to a 7% decline in demand in Asian countries, year-on-year.
Demand for liquefied gas in Asia fell from 270 million tons in 2021 to 250 million tons last year, as prices rose.
Although LNG prices fell in the first quarter of this year, they are still well above their historical averages.
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