Mubasher: Global liquefied natural gas (LNG) markets are forecast to tighten with supply by 2024, as few fresh LNG projects have been launched since the sharp decline of prices in 2014, Qatar National Bank (QNB) said in a report on Sunday.

International LNG demand is expected to grow 5% per year over the period between 2023 and 2030, on the back of a production decline in Europe and South East Asia, the report entitled “Global LNG market to tighten from around 2024” revealed.

In a related note, demands for clean energy in economies such as China increased rapidly over the past few years that in return would boost LNG demands.

The report highlighted that Japan LNG spot import prices had levelled up to $10 during the first three months of 2018, compared to $4 per million British thermal units (mbtu) in mid-2016.

On the other hand, by 2020, the US and Australia are forecast to boost LNG global production by up to  96.5 million metric tons per annum (mmtpa), or about 30%, compared to the 2017 level, the report found.

“Qatar is the world’s lowest cost major producer of LNG, which could deter some entrants. Nonetheless, if prices continue to rise, [Doha] could increase the likelihood that producers can achieve agreements for long-term sales contracts at prices above the breakeven level for new projects,” according to the report.