LNG supply increased year on year by 3.3% (3.2 mt) in Q2 ‘23, after growth stalled in the first quarter of the year. It took growth in the first six months of 2023 to 1.7% (3.39 mt), well below forecasts at the beginning of the year that 2023 would see an increase of around 5%, similar to the outcome in 2022. The US again made the largest contribution to supply growth in Q2 with an increase of 1.18 mt (6.2%) as output from the Freeport LNG plant built up to full capacity after production restarted in February 2023, following the explosion and fire in a pipeline to the loading berths which halted production in June 2022.
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