Two items in the last day about countries cutting back on liquefied natural gas exports.
First, Egypt says it may cut back its LNG exports because of increased domestic demand.
“According to our understanding, the increase in local demand for energy has placed increasing pressure on production capacity, in light of the rising costs, stipulating either an increase in the costs of production to increase available gas, or to reduce exports,” Egypt’s Beltone Financial said a research note.
And Algeria says it will no longer export LNG to the U.S.:
On the sidlines of President Abdelaziz Bouteflika’s visit to the Setif province, Khelil held a press conference on Thursday in which he announced that his country is no longer exporting LNG to the United States of America.
Minister Khelil refused to expand on the causes of the suspension.
Well, fine, be that way and don’t tell us. Last we checked we were doing pretty well with natural gas anyhow.