GLOBAL LNG SERVICE

Iran and Oman have agreed to advance long-stalled joint oil and gas projects.

The Baltic states of Lithuania, Latvia and Estonia could be next on Russia's hit list after Gazprom halted supplies to Finland over the weekend.

Long-term LNG supply contracting momentum continued into Q1’22. Foundation agreements supporting new projects featuring US and Chinese players were the notable trend, with significant implications for the LNG trade. Locking in supply is key for Chinese buyers, which face higher risk to Russian gas exposure relative to Japanese buyers as both groups navigate energy security requirements. While the world works to circumnavigate Russian energy, Egypt and Israel appear again as important gas supply sources for Europe. But even as Egyptian LNG exports recover, Israeli policy risk could be a headwind to a longer-term supply solution.