Asia Pacific: Trade
Outages at Gorgon and potential reductions in LNG send out from Southeast Asia are unlikely to significantly dent the supply glut amid strong increases in Australian output.
LNG exports from Southeast Asia fell at the start of the year, and while further reductions are possible, the decrease in volumes will be too small to materially impact over supply in the region. An increase in send out from Indonesia was outweighed by a fall in exports from Malaysia in January. The volume of Indonesian LNG exports grew by 4% year on year in January, but Malaysian exports fell by around 12%. This reduced the combined output of the two countries – the region’s leading LNG exporters – to 3.6 mt, a drop of roughly 6% year on year. Malaysian LNG exports increased on an annual basis in February, but total LNG send out from Malaysia for the first two months of the year was still down by 2% on an annual basis.