Russian gas to replace LNG glut: Wood Mac

Declining European indigenous gas production to be substituted by more Russian imports as LNG market tightens

Global LNG oversupply is likely to taper off from 2021 onwards, leaving fewer spot cargoes available for import into Europe and the continent leaning instead on more Russian gas imports, Massimo Di Odoardo, vice-president, global gas and LNG research at consultancy Wood Mackenzie told the European Annual Gas Conference (EAGC) in Paris on Tuesday. While a number of new LNG export projects in the US are due to come onstream in the coming months, things will slow down after 2020, with just a few new liquefaction facilities entering the market in the 2022-2024 period. With Asian LNG demand expected to grow—and thus less LNG available for other regions—and with declining indigneous production, Eu