War has changed the energy landscape: Global trade in liquefied natural gas will grow by another 25% in five years.

LNG trade has already set a record in 2022 but is expected to grow by another 25% in five years to 500 million tons annually, according to the International Energy Forum (IEF). China has overtaken Japan to become the world’s largest LNG importer, and the US will become the largest LNG exporter in 2023.

“LNG is in greater demand than ever before and continues to contribute to economic growth and energy security around the world.” LNG currently accounts for about 15% of the world’s total volume of gas supplies. One of its advantages is the ability to be transported over long distances.

Russia’s invasion of Ukraine in 2022 has transformed energy markets: Faced with a sudden loss of pipeline gas, European buyers turned to LNG. In Europe, LNG’s share of the demand mix has grown from 12% ten years ago to more than 50%, and European regasification capacity is expected to grow by another 48% by 2030.