Mideast Crisis Drives Asian LNG Buyers Toward Russia – Expert
/ Go to the mediabankRussia’s Yamal LNG liquefied natural gas plant in the seaport of Sabbeta on the western shore of the Ob Bay of the Kara Sea.
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Many Asian consumers who were heavily dependent on Middle Eastern LNG supplies will reconsider their long-term strategy against the backdrop of the current crisis, which has undermined importers’ confidence in the reliability of exporters in the region, Russian expert Alexey Belogoryev told Sputnik. “In this regard, Russia, the US, and a number of other countries that are ready to offer new volumes in the coming years stand to benefit,» Belogoryev stressed.He noted that the global LNG market remains dominated by the «big four» producers—Russia, Qatar, Australia, and the US—which have accounted for more than 95% of the world’s LNG capacity growth over the past decade.
Australia might be unable to increase production volumes in the coming years, while Qatar’s position has been undermined, which is why the US and Russia will primarily benefit, the expert concluded.
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