Early winter procurement has become increasingly competitive since Europe started replacing its pipeline gas imports with LNG following the Ukraine crisis.

With piped gas supplies cut off after the war, imports of LNG from Moscow increased to around 18 billion cubic meters in 2023 from less than 14 billion cubic meters before the attack, according to EU data.

"If Europe is still importing LNG from Russia, it is because there is a need," a France-based gas trader said. "With our other main suppliers, such as Norway, operating at maximum capacity, it will be hard to completely stop the flow of Russian LNG. We are still not completely out of the crisis."

Several LNG buyers have delayed signing new long-term contracts with US producers until there is more clarity

The deal will further facilitate Australia's exports of coal and liquefied natural gas to Vietnam, the ministry said in a statement, noting that Australia is now a key coal supplier to Vietnam, accounting for 44% of its total coal imports.

Qatar’s push highlights the importance of gas for the country. Exports of the fuel are the country’s biggest revenue earner which has already made it one of the wealthiest countries and helped boost its global clout since it started shipments about two decades ago.

The US placed Arctic LNG 2 under direct sanctions in November, in effect blocking its allies from buying the project’s gas when it starts production. The move followed an EU ban on the transfer of LNG-related technology to Russia in April 2022, two months after Moscow launched its full-scale invasion of Ukraine.

The interest in additional supplies from China — the world’s biggest LNG importer — is emerging after a drop in spot prices made the fuel more cost competitive with local gas options and oil products,

SEFE’s trading of Russian LNG is controversial in Berlin, where lawmakers have urged the company to sever its links with Moscow. Germany opposes LNG imports from Russia, though it hasn’t banned them.

India's natural gas consumption in 2024 will likely grow 5%-6% corresponding to an estimated economic growth of 6%-7%,