2023 Another Successful Year for Signed LNG Long-Term agreements, Led by the US: But Will it Last in 2024?

In 2023, the global LNG industry continued to see a steady stream of long-term LNG Sales and Purchase agreements (SPAs) being signed. This consistent trend highlights the strong demand for LNG and the confidence that buyers have in securing a stable supply of the super-chilled fuel that sustain their economic growth and support their energy security. The nature of these agreements is a positive sign for the industry, indicating a strong and reliable market for LNG for years to come.

In 2023, the volume of long-term LNG contracts signed globally totaled more than 60 million ton per annum (mtpa). Although this volume is lower than the 70 mtpa signed in 2022, it marks the third largest level seen in the past 8 years as shown in Figure (1).

US LNG Companies Signed the Highest Number of SPAs in 2023