Dateline 2017-08-15, Reuters:
Malaysian state energy company Petroliam Nasional Berhad [PETR.UL] expects the global liquefied natural gas (LNG) market to remain oversupplied until as late as 2023, its chief executive said on Tuesday.
Rising LNG production over the last two years, mainly from Australia and the United States, has exceeded demand and depressed prices. Asian spot LNG prices LNG-AS are now down by around 70 percent from early 2014.
Petronas, as the company is better known, only last month scrapped a proposed $29 billion LNG terminal project in western Canada, saying market conditions made the project “economically unviable”.