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Chart of the Day: India’s LNG Imports Increasing, but Not A Record High Yet

Summary

Figure (1) above shows India’s LNG imports since the beginning of 2019. It shows that India’s LNG imports have been increasing since the beginning of 2023.

EOA’s Main Takeaways

1- India’s energy imports are extremely sensitive to prices, especially LNG. Imports increase when prices are low or relatively low. When prices are high, India switches to coal. That is why we do not believe that coal demand has peaked, and we believe in multiple peaks over the forthcoming years.

2- Despite the recent increases in LNG imports, demand for LNG remains below levels achieved in 2020. Again, India’s demand for LNG is extremely sensitive to prices. Figure (2) below compares LNG imports of the first quarter.