New Liquefied Natural Gas (LNG) export projects across the US and Australia could lead to overcapacity in supply until 2024.

That’s according to the latest forecast from Bloomberg New Energy Finance’s global gas team, which adds imports of LNG could set a new record this year, with an 8.8% growth.

That’s the fastest growth since 2011, driven by the uncertainty surrounding nuclear power generation in Northeast Asia, energy market reforms and air pollution concerns in China.

The growth is despite an overall fall in demand of the world’s largest importing region of Japan, South Korea and Taiwan (JKT).

European LNG imports are expected to expand in the long term and cross 100 million metric tonnes per annum by 2030.

The sustained growth in demand is not expected to result in surging prices as forecast for LNG supply is higher until 2024.