BY: Dr. Hana Saada
ALGIERS- The remarkable increase in Algerian liquefied natural gas (LNG) exports to Europe in 2023, which saw a surge of over 25% in volumes, has significantly strengthened Algeria’s share in European imports, according to a report by the International Association of Natural Gas (Cedigaz).
During the past year, “the rise in Algeria’s LNG exports, with volumes growing by 25.6%, notably helped consolidate their share in European LNG imports to 10%, up from 8% recorded in 2022, offsetting the decline in exports from Nigeria, whose share decreased from 7% to 5%,” details the report on global LNG trade.
Majority of Additional Supply Directed to Europe
“The majority of Algeria’s additional supply in 2023 was directed towards the European region: 2.1 million tonnes out of a total of 2.6 million tonnes, bringing the country’s total LNG exports to Europe to 11.6 million tonnes,” noted the organization specialized in global gas industry data.
This increase in exports is attributed to “Algeria’s growing gas production, which reached 136 billion cubic meters last year compared to 132.7 billion cubic meters in 2022,” added Cedigaz, indicating that Algeria became in 2023 “the leading African country in LNG exports with a total exported volume of 12.9 million tonnes (mt).”
In 2023, Africa experienced a diversification dynamic in LNG exports for each producing country, as highlighted in the report, which emphasizes that the growth in exports from Mozambique and Algeria contributed together to an additional supply of 5.1 million tonnes.
Global LNG Demand Hits New Record in 2023
Moreover, global LNG demand reached a new record in 2023, totaling 395.2 million tonnes, a 2% increase, or an equivalent of an additional volume of 7.3 million tonnes compared to 2022, notes the same source, which highlights that the Asian continent secured a 65% share of global demand, a slight increase, while Europe’s share remained almost stable at 30%.
Additionally, the document adds that the United States has become the world leader in LNG exports, now providing over 20% of global volumes with exports reaching 84.3 million tonnes, followed by Australia (78.9 mt) in exports, Qatar (78.5 mt), Russia (31.6 mt), and Malaysia (26.4 mt), according to Cedigaz’s report.
China Surpasses Japan as Largest LNG Importer
Furthermore, China has surpassed Japan as the largest LNG importer as it increased its imports by 7.6 million tonnes, reaching 70.5 million tonnes in 2023.
Based in Paris, Cedigaz has over 100 members from around forty countries, including oil and gas companies, national and international organizations, banks, engineering companies, and equipment manufacturers.
This association collects and analyzes global economic information on natural gas, LNG, and unconventional gases, disseminating this information through its periodic bulletins, surveys, and databases.
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