Japan set to overtake China as world's top LNG importer this year

· Oil & Gas · Japan · China

Japan is expected to overtake China as the world's largest importer of liquefied natural gas this year, for the first time since 2022, according to analysts at ICIS and Kpler. High LNG prices and sufficient storage in China are limiting Chinese purchases, allowing Japan's demand to edge slightly past China's. The shift reverses the ranking that has held since 2022, when China took the top spot. The change matters for sellers allocating cargoes and for how the two largest Asian buyers — a price-sensitive emerging market and a mature, contract-heavy importer — shape spot market demand.

Why it matters：The world's LNG import ranking determines where sellers direct cargoes and how spot prices form; a shift back to Japan points to demand sensitivity to high prices in the largest Asian buyers.

Key points

  • ICIS and Kpler expect Japan to slightly exceed China's LNG imports this year.
  • It would be the first time since 2022 that Japan leads.
  • High LNG prices and sufficient Chinese storage are cited as the driver.

Sources (original reporting)

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