Storage tanks in Shanghai
Outlook 2024: Asia’s appetite for LNG in an age of uncertainty
Asia remains primed for long-term LNG growth, despite the commitment by countries to meet their net-zero emissions targets
The main driver for Japan is replacement demand for its long-term contracts as they expire over 2024-26, while in China new terminals coming on stream over the next two years are fuelling LNG demand. Southeast Asia remains a key driver for long-term demand growth although questions remain over the affordability of gas in the near term. Here we explore the region in more detail. Japan: Japan remains committed to long-term LNG buying as current long-term contracts expire from 2024 to 2026. However, they are looking for up to ten years’ supply as they are unable to forecast their downstream demand in the longer term. Expectations of 12 nuclear reactors to come online by 2024 means that Japanese
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
