TotalEnergies: Natural Gas Prices Expected to Decrease by End of Contract

The CEO of the French energy company TotalEnergies in Qatar, Patrick Pouyanné, revealed today that "global prices for liquefied natural gas are expected to decrease by the end of the contract with new supplies becoming available." He stated to reporters during a ceremony marking the groundbreaking for an expansion of the LNG facility at the North Field in Qatar that "supplies of liquefied natural gas are expected to increase by about 100 million tons per year, or approximately 20 percent, by 2030, especially from new projects in Qatar and the United States." Pouyanné added, "It is better for everyone to have more supply in the market to achieve price stability rather than a shortage in the market as is currently the case. Perhaps by the end of the contract, we will see a decline in prices (for liquefied natural gas)." Global LNG prices surged to a record high following the Russian attack on Ukraine last year as Europe sought alternatives to Russian gas supply that had been delivered via pipelines.