Thailand LNG Demand Declines Amid Economic Slowdown and Increased Term Contracts
Thailand's LNG imports reached approximately 8.6 million tons from January to October 2025, an 11% decrease from the same period in 2024. Electricity consumption was recorded at 157,976 GWh for January-September 2025, down from 163,395 GWh in 2024, attributed to mild weather and higher inventories.
Economic growth is forecasted to slow to 2.2% in 2025 and 1.6% in 2026, impacting gas demand, previously projected to rise through 2030. Natural gas consumption was 4.496 billion m³/d in 2024, with increases in electricity generation and petrochemical use, but industrial consumption fell by 13%.
Thailand has secured at least 3.4 million tons of LNG through term contracts starting in 2025, including a 10-year agreement with Eni for up to 800,000 tons per year. Spot tenders have decreased significantly, from approximately 12-13 per quarter in 2024 to under seven in 2025. Regional LNG demand may be limited by turbine shortages and rising costs, while Indonesia anticipates a need for LNG cargoes in 2026.
