* Record LNG imports, funding for new projects in 2019
* U.S. market share of spot supply rises, Qatar's shrinks
* COVID-19 to disrupt demand in near term
By Ekaterina Kravtsova
LONDON, April 8 (Reuters) - Global demand for liquefied natural gas (LNG) will be squeezed this year from record 2019 levels as the coronavirus crisis pressures economies in a market already awash with the fuel, the International Group of LNG Importers (GIIGNL) said on Wednesday.
After rising 13% to 354.7 million tonnes last year, imports of LNG by consuming countries look set to be constrained by economic contraction in many leading markets, the GIIGNL said.
"2019 was a record year for the LNG industry, both in terms of imported volumes and new investments decisions taken," GIIGNL President Jean-Marie Dauger said in an emailed statement.
"In the near term, the disruptive impact of the COVID-19 outbreak on the economies of importing countries will exert downward pressure on LNG demand in an already oversupplied market," Dauger said.
Global LNG supply was boosted last year by five new large-scale liquefaction projects in the United States and Australia, with the United States becoming the leading exporter of short-term LNG. Two small-scale projects started up in Russia and Argentina.
Most exporting countries increased their supply volumes, with the United States adding 13.1 million tonnes of production, Russia 11 million and Australia 8.7 million.
Investments in future projects jumped despite the abundant supply, with 71 million tonnes of new production volumes approved.
Europe became the major market to absorb global LNG oversupply. The region's net imports jumped by 75.6% compared with 2018, while global LNG imports grew by 13%.
Asia remained the leading importing region but its global market share dropped to 69% from 76%. Imports by mature LNG markets like Japan and South Korea declined due to mild weather and strong nuclear power generation.
China's demand increased but the growth rate more than halved. There was also an increase in imports by southeast Asian countries.
Spot and short-term LNG trades, defined as cargoes delivered through contracts of four years or less, made up 34% of overall LNG trade in 2019, up from 32% in 2018.
The U.S. share of the spot and short-term LNG market grew to 20%, followed by Australia at 16.7%. Qatar's share declined to 5% from 11.7%.