Global LNG Markets to Remain Tight Until 2026

As a result of high global LNG prices and Europe pricing out most countries to secure its LNG supply, Indian LNG imports witnessed a moderation of around 14% in 2023, declining from 23.4 million tons in 2022 to 20.1 million tons in 2023.
Natural gas and Liquefied Natural Gas markets have been tight since the middle of 2021, owing to a host of factors involving weak renewable generation, low storage levels, odd weather patterns, etc. The Russia-Ukraine conflict also exacerbated the situation, as Europe shifted away from Russian gas to LNG, Energyworld.com reported.
Several gas hubs recorded life-time high prices of natural gas in 2022, leading to a contraction in global consumption of natural gas by 1.6%. The global demand for natural gas is expected to grow only marginally in 2023.
The global LNG trade, over the last five years (2018-22), had grown at a CAGR of 5% from around 314 million tons in 2018 to about 397 million tons in 2022, driven by demand from Asia (China, Japan, Korea, India, etc.) and Europe. 
The US and Australia together contributed about two-thirds of the global supply during this time.