Japan is the world’s biggest LNG buyer, sourcing around 95% of its supply from 10 key countries. Its suppliers have remained unchanged over the past three years, but the merit order has altered. Tokyo is trying to reduce its reliance on Middle Eastern LNG and instead use suppliers in Asia, and this is starting to be reflected in the origin of its cargoes. New export capacity in Australia, Papua New Guinea and the United States has given Japan more choice over its LNG supply.
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