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Secretary General of the Gas Exporting Countries` Forum (GECF) Mohammad Hossein Adeli downplayed reports on the US supply of LNG to the Middle-East and South Asian countries. stressing that it does not endanger Iran`s potential gas market.
`The US LNG exports is no threat to any traditional and major gas exporter in the region.` Adeli said on Tuesday.
Noting that the US is now exporting gas to different parts of the world. including Latin America. Europe and Asia. he said that given the high price of LNG production in the US. it cannot compete with other rivals when presented in the European and Asian markets.
His remarks came as earlier reports this month said that the US is ready to continually drop a cannonball splash into the global liquefied natural gas (LNG) export business. a market that is rapidly growing and evolving.From 2016-2020. per the latest projections – which are even more bullish than previous ones – the US will account for about half of the 20 Bcf d of new export capacity worldwide (worldwide LNG demand is now about 37 Bcf d). As such. in less than four years. the US will have surged from exporting almost no LNG to becoming the second or third largest producer. rivaling Qatar and Australia.
The good news is that we know that global LNG demand will keep pace. In fact. up 5-6% last year. the steady drumbeat of higher LNG consumption amid supply eventually leveling off ha
