LNG suppliers are continuing to respond to the uptick in demand and prices with the US now exporting at historically high volumes.

The government of Egypt, the Egyptian General Petroleum Corporation (EGPC), and the Egyptian Natural Gas Holding Company (EGAS) have reached an agreement with the Italian and Spanish gas groups Eni and Naturgy to restart the 7.56 bcm/year (5.6 Mt/year) Damietta gas liquefaction plant in northern Egypt.

"The macroeconomic situation has had a negative impact on the long-term development prospects of the LNG industry," Gazprom said, adding that so far in 2020 only one final investment decision had been made for a new LNG production project.

Santos, along with Australia's other east coast LNG projects Australia Pacific LNG and Queensland Curtis LNG, have come under pressure from the federal government in recent years to ensure domestic supply amid concerns of shortages since the development of the export projects.

Rupantarita Prakritik Gas Company, which is in charge of Bangladesh's LNG imports, had earlier cancelled two tenders for November and early December delivery, again citing high prices

Australian gas exporters argue that their projects are not contingent on Chinese buyers in a growing Asian market.

Qatar currently has an LNG production capacity of some 77 million mt/year, but has plans to boost it to 110 million mt/year by 2025 with the addition of four more trains and to 126 million mt/year by 2027 with the addition of two further trains.

The average contract price for spot LNG cargoes shipped to Japan in October rose to $6 per million British thermal units (mmBtu)

"Global LNG supply will be moving from sufficient to tight in the next five years, with supply-demand differential falling from 200 Bcm in 2020 to 50 Bcm in 2025,"

Total recently shipped its first carbon-neutral LNG cargo sourced from Australia’s Ichthys LNG to CNOOC. The emissions created by the LNG cargo were offset by carbon credits procured through investments in wind energy and forest protection projects.