South Korea significantly increased imports of liquefied natural gas

By Alimat Aliyeva

South Korea, the third largest LNG buyer in the world after Japan and China, imported 3.075 million tons of LNG in July 2024, which is 17% more than in the same month of 2023, Azernews reports.

The trade in liquefied natural gas, which is transported on large gas tankers, may be characterized by uneven acceptance of shipments between months.

Since the beginning of the year, imports amounted to 26.796 million tons, which is 4% more than a year earlier (25.743 million tons). The difference is about 15 standard batches.

Despite the demonstrated increase in actual imports, the International Energy Agency (IEA), in an updated (July) review, continues to insist on the forecast of a decrease in gas consumption in the country in 2024. In the new version, the percentage of reduction has been reduced to 2% from the previous estimate of 3%. The IEA is confident that the demand for gas will decrease due to the growth of nuclear energy production.

Against the background of hot weather and rising gas demand in the Asia-Pacific region, the ratio of the largest LNG suppliers has significantly redistributed. In July, the United States increased supplies to South Korea by 2.5 times - to 811 thousand tons, coming in first place, Qatar came in second with 618 thousand tons. The usual supply leader, Australia, moved to the third place from 509 thousand tons. Shipments from Indonesia increased by 2/3 (up to 287 thousand tons).