On Thursday President Vladimir Putin said that his country not only can, but will become the largest LNG producer in the World. The president did not give a time table for reaching this ambitious goal.
At present Russia has one LNG export facility, Sakhalin which produces around 9.6 million tons of LNG per year.
However Russia also has a new LNG plant being developed in the Arctic which will significantly increase its capacity.
This comes at the same time as the U.S. is also boosting its output with six LNG facilities under construction. Although the U.S. imports more LNG than it exports this looks set to change.
Australia, already a major LNG exporter, plans to expand its LNG export capacity in the coming years.
It looks like there will be a glut in the LNG market in 2017 and going forward as many other countries bring LNG terminals online.