Gastech 2017: Global LNG market and the oversupply issue

Sellers say a supply crunch is looming. Buyers say suppliers are out of touch with the changing times.

Nestled within some of Tokyo’s most famous parks, Japan’s iconic cherry blossoms are in full bloom, signaling the start of a new season. The flowers are symbols of transience in Japan, and while that may not apply exactly to the global gas glut, suppliers have a message for buyers: the good times are coming to an end.

“With supply short-term being abundant it’s very understandable that buyers don’t want to look beyond, but they need to look over the crest of the hill,” Peter Coleman, Woodside Energy’s chief executive, told the 29th Gastech conference in Chiba Prefecture, on Tokyo’s eastern outskirts. “And it’s clear that a supply shortage looms unless investment decisions are taken soon.”(source: Petroleum Economist)