Asia LNG imports drop most since 2022 as Iran war upends supply
[BEIJING] Asian liquefied natural gas imports fell the most in more than three years last month as the conflict in the Middle East choked supply and sent prices higher.
LNG deliveries to the region declined 8.6 per cent in March from a year earlier to about 20.6 million tons, according to ship-tracking data compiled by Bloomberg. That is the biggest drop since December 2022.
World LNG supply has been badly hampered by the war in Iran, with the closure of the Strait of Hormuz cutting the world off from about a fifth of the total and Qatar shutting the world’s biggest plant following attacks by the Islamic Republic. Prices in Asia may jump 50 per cent on the damage as competition for spot cargoes intensifies, according to Bloomberg Intelligence.