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Global oil trader says constrained supply not demand is the problem S P Global Platts; Feb 6 Global oil
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doubled this year due to a global supply shortage made worse by the war in Ukraine and are expected
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led project in May will supply Vitol with 800 000 tonnes per year of LNG starting in 2024 for 15 years
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controlled Gazprom has started building a multibillion dollar supply pipeline as it needs to expand its
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critical supply shortage the surging cost of imported energy and the country s pledge to end its reliance
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growth and rising oil supplies due to stricter marine fuel rules may cast a shadow on the region
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benchmarks A record volume of new LNG supply entered the market in 2019 driving spot prices to record lows
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takes in about 35 million tonnes a year of LNG For the moment JERA’s supply contracts closely match its
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year deal after spot prices crashed making long term supplies more expensive Spot market prices
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of total shipments into the U S Those supplies have come at a bargain as the price of Canadian oil accounts
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significant supply growth ” the analysts said We expect gas market oversupply to reach multi decade highs over
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S and European Union will push to boost supplies of liquefied natural gas to Europe by the end of this year
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to huge losses amassed during a decade of fast supply growth that crashed to a halt just before
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supply keep pace with energy demand said Arjun Murti a veteran energy analyst When volatility is high oil
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with the possibility of dropping below 3 per million Btu as rising supply outpaces weak winter demand S P Global Platts
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as global supply is expected to rise 14 percent this year The growth rate in monthly imports of LNG
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to the lowest level since January Crude remains markedly higher from its lows in June driven largely by supply
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Arabia and Russia led OPEC by making additional cuts to output and exports But supply has continued
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in Novatek declaring force majeure over LNG supplies from the project industry sources told Reuters last week
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Vietnam and the Philippines which are looking for a reliable source of supply to help support