Woodside Energy, Santos and Australia’s cohort of LNG exporters are bracing for a wave of fresh supply of the shipped form of natural gas that will start hitting the market this year, bringing with it the possibility of lower prices.

The long-flagged jump in new LNG production, mostly from North America, was originally expected to start impacting global gas markets in 2024, but was pushed back as projects were delayed. That meant the global market remained “tight” last year.