Overcapacity in the LNG market could last for a shorter period than expected and be followed by a hard landing in the early 2020s, with spot prices increasing rapidly, the Australian government’s commodity forecaster, the Office of the Chief Economist (OCE), warns. Demand has been stronger than expected and new supply slower to come on stream, raising the prospect that the oversupply forecast for 2019-20 could be brief, the OCE says.
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