A Review of the Global LNG Market in 2024 and 2025 Outlook

The return of LNG shipments through the Red Sea would reduce costs and enable supply diversification but is unlikely to happen soon. (with 12 charts)

Delays, maintenance, economic growth, and politics will remain the main drivers of LNG demand and supply in 2025. While the Trump Administration can expedite licensing, it cannot influence construction and maintenance times. The increase in LNG supply was limited in 2024, but a larger increase is expected in 2025. Prices are expected to remain elevated in Q1 2025 due to growing demand in Europe and the MENA region. We remain bullish on LNG, especially in the medium and long term.

Source: Nakilat, Qatar.

Global LNG Demand