In a less tight marked environment than in 2022, the global LNG market reached a new high in 2023, totalling 395.2 mt, an increase of 2% yoy. While European demand, including the United Kingdom and Türkiye, saw a marginal decline of 1% or 1.2 mt, the Asia-Oceania region experienced a modest growth, with imports climbing by 3% or 8 mt.
Cedigaz
Underground Gas Storage in the World – 2023 Status
CEDIGAZ 2023 status report on Underground Gas Storage (UGS) worldwide highlights significant developments and shifts in the global gas market.
2022 witnessed a notable increase in UGS capacity, largely driven by the global gas crisis which emphasized the importance of storage for supply security. By the end of 2022, the working gas capacity reached 429 billion cubic meters, a 1.3% rise from the previous year, with significant contributions from China and Europe. The peak withdrawal rate also rose by 1.7%.
The storage market remains concentrated, but China’s UGS sees an accelerating growth
The storage market is largely concentrated in a few countries, with the United States, Russia, Ukraine, Canada, and Germany holding 68% of global capacities. However, there’s a growing focus on expanding storage in rapidly developing markets like China and the Middle East.