The surge in EU LNG demand rose at a faster pace than the global additions of new liquefaction capacity. That led to a considerable market tightness and hence a global LNG price escalation across 2022 and parts of 2023. The high LNG price environment incentivised a boost in final investment decisions4 in new liquefaction projects, which will result in the addition of over 200 million tonnes of LNG production capacity by 2030. The recently announced pause on granting LNG export approvals in the United States will not affect projects that are already under construction.