NOCs find allure in LNG trading
Traditionally conservative players are embracing more flexible approaches
Optimisation is the new name of the game for many NOC LNG exporters, from Southeast Asia to the Middle East. They have finally embraced trading in order to keep up with a rapidly changing landscape almost unrecognisable from the market they first entered. NOCs have been selling LNG since the 1970s, but only in the last decade or so have they made headway in terms of trading. Building a liquefaction plant was about monetising natural resources; optimisation is about value creation from every molecule of LNG produced. Gone are the days of single point-to-point LNG contracts, while US liquefaction played a key role in ushering in a new level of commercial flexibility. NOC producers must now re-
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
