KUALA LUMPUR: Global liquefied natural gas (LNG) demand will grow in 2024 with top buyer China back in the market and consumption in Europe rising, a TotalEnergies executive said on Wednesday.

“LNG has continued to grow, with China being back in the market but not yet at the level of 2021,” Senior Vice President Asia Pacific Exploration & Production Thomas Maurisse said at an industry conference.

“With Europe … it’s a new and big market, this demand will still continue to grow. At the same time, new capabilities will not be on stream in this very short term, so will continue to put bit of pressure on prices and volatility.”

Last week, Asia spot LNG prices hit their lowest levels in nearly three years as weak demand in Asia and Europe weighed on the market.

The fall in prices had incentivised LNG importers from markets such as China and India to increase spot purchases. Trading activities have picked up amid soft prices, Petronas’ Vice President, LNG Marketing and Trading Shamsairi M Ibrahim said on the sidelines of the conference.

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“It has already started in China,” he said, adding that there will be more buying opportunities for price-sensitive buyers in Asia.

“But (market is) still tight. If anything happens to production, you will see a (price) spike,” Shamsairi said.