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Tough Road Ahead For The Global LNG Industry- Supply Glut Leading To A Grim Short Term Outlook
Low Demand And Excess Of Supplies Creates A Buyer Driven LNG Industry
The global economic crisis led to a significant drop in natural gas demand globally. The world natural gas demand dropped drastically in 2009, which led to a huge slump in natural gas prices. The excess production and low demand have forced the natural gas prices to remain low at an average of $4- $4.5 per million British thermal units (MMBTU), even with crude oil prices hovering at around $80 a barrel.
The low natural gas demand has translated into lower LNG demand globally. Major LNG consumers like Japan and Korea witnessed a huge drop in LNG demand in 2009, driven mainly by the slump in the industrial sector. The LNG consumption in Japan, the biggest LNG market globally, fell by almost 10% in 2009.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
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