Oil prices closed 2024 near their starting point, showing minimal change despite major global events like the OPEC meeting, Trump's re-election, and China's economic struggles. LNG exports grew slowly, while US production is expected to increase in 2025.
Oil prices are ending the year very close to where they started the fourth quarter, with very limited movement in the last three months despite some major catalysts. Global LNG exports grew at the slowest pace since 2015 despite natural gas demand being forecast to grow by around 2.5% this year, with limited capacity additions adding to pricing pressures seen across the year. Annual LNG shipments will total 414 million tonnes of LNG in 2024, up a marginal 0.
4% compared to the previous year, with the United States posting the same 87 million tonnes as it did in 2023. Production ramp-up at two new US liquefaction terminals should boost LNG trade volumes next year, with Venture Global starting up Plaquemines last week and Cheniere producing first gas at Corpus Christi on Monday. Russia's LNG ambitions were derailed by US sanctions that debilitated the 19.8 mtpa Arctic LNG 2 project, therefore Qatar would be the closest competitor of the US as it aims for a 2026 launch of the supergiant North Field East expansion project. Market Movers - Portugal's oil firm Galp Energia reported a fourth light oil reservoir discovery at the Mopane prospect in offshore Namibia, boosting hopes it could genuinely hold 10 billion barrels.- Colombia's state-controlled oil firm Ecopetrol agreed to buy the remaining 45% share in Colombia's CPO-09 onshore block from Spanish peer Repsol for an undisclosed sum.- Italy's oil major ENI started the second phase of the Baleine field in offshore Ivory Coast, adding 60,000 b/d in production capacity and effectively doubling the country's total output.
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