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Omani exports of liquefied natural gas (LNG) to key Asian customers are expected to drop further this year after falling by 11% in 2014, as demand continues to slow in East Asian economies – a trend that is also being faced by other LNG suppliers both in the region and beyond. The sultanate is also facing difficulties at home as a combination of increased domestic demand and supply constraints weigh on exports, raising questions over its long-term LNG strategy.
South Korea has been Oman’s top LNG customer for each of the last eight years, taking 47% of Oman’s 7.95mn tons of exports for 2014 and a whopping 57% of Oman’s exports of 3.8mn tons for the first half of 2015 (see charts).
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