Many markets are in desperate need for more LNG with 20% of the world’s trade cut off by the ongoing Middle East conflict. This has placed increased scrutiny on storage and reserves.
Alarm bells that are already sounding now are set to rise several decibels by mid-April.
Taiwan, for example, currently has 11 days of LNG reserves onshore. It is open to exploring reserves with other partners such as Japan or Korea and said it is even open to joining ‘a global LNG strategic reserves’ programme, should one be created. Japan reportedly has 4 million tonnes in storage, equivalent to around 12 days, while South Korea has around nine days.
Storing LNG for lengthy periods is difficult because of its cryogenic properties, in contrast to oil.
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