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BP Says Increased LNG Supply Reduces Europe’s Pipe Gas Imports

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Nov. 24 (Bloomberg) -- Increased global liquefied natural gas production has eased Europe’s dependence on pipeline deliveries, said Christof Ruehl, BP Plc’s chief economist.

Global LNG supply is expected to rise by 23 to 24 percent this year and grow 11 percent next year, Ruehl said in an interview in London. LNG production advanced 8 percent last year, he said.

“These are big numbers,” Ruehl said. “As a consequence, the market is rebalancing with more in Europe consuming LNG and with pipeline imports and domestic production going down.”

Qatar, Nigeria, Yemen and some other nations are boosting LNG supplies to the world markets. Russia, Norway and Algeria are the largest suppliers of the fuel through pipelines to Europe.

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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