Low LNG prices unable to rouse Korean demand
LNG demand in Korea slowed further in Q1, despite lower prices being passed on to end users. (Kogas)
Subdued demand for LNG in South Korea has continued into 2015 despite the simultaneous decline in spot and long-term LNG prices, challenging some forecasts of a rebound this year following a 3.5 mt fall in consumption in 2014.
City gas consumption last year fell for the first time in six years – a 7.8% reduction to 18.18 mt of LNG equivalent – according to the Korea Energy Economics Institute (KEEI). The power sector’s consumption also decreased by 10.7% year on year to 15.88 mt.