The global LNG liquefaction sector is reeling under the pressure of falling oil and gas prices, weak LNG demand and poor global economic outlook.
That’s according to GlobalData who said consequently, LNG developers have started relooking at their strategies and capex plans for 2020.
This could lead to postponement of financial investment decisions (FIDs) and construction delays of some of the upcoming projects, the data and analytics company said.
“The global LNG sector was already witnessing an LNG supply glut and weak demand before the outbreak of COVID-19. The fall in gas prices and further weakening of LNG demand after the COVID-19 outbreak has accelerated this trend,” said Soorya Tejomoortula, Oil and Gas Analyst at GlobalData.
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