The International Energy Agency (IEA) cut its outlook for global LNG demand amid growing energy conservation and a weaker economic growth projections. While major LNG consumers are cutting back, demand from developing nations provide modest growth through 2021.
The report says new liquefaction capacity coming online in Australia and the US will mean more export cargoes to distant buyers, but "low shipping rates are likely to continue in the near future, due to persistent oversupply and new ships still set to come to the market."
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