With the millions of tons in new liquefied natural gas capacity coming on stream these days, many have begun worrying about an oversupply that would pressure prices to uncomfortably low levels. Energy analysts at Wood Mackenzie, however, don’t share the concern. In a recent report , Wood Mac said over 60 million tons in annual production capacity was due a final investment decision this year—a record number and a hefty increase on the 21 million tons in capacity sanctioned last year. This could tip the market into oversupply, but not this year: LNG projects take years to build. Yet last year saw some large-scale additions to production capacity such as Shell’s Prelude and Inpex’ Ichthys, both offshore Australia, and Novatek expanded its Yamal LNG facility. U.S. LNG production is also at a record high, with S&P Global Platts reporting LNG plant feeds hit 5.12 billion cu ft daily in […]