Date: 02/04/2024

LNG’s global demand seen up 50 pc by 2040

Liquefied natural gas’s (LNG) global demand is estimated to rise by more than 50 per cent by 2040, with industrial coal-to-gas switching gathering pace in China and South Asian and South-East Asian countries using more LNG to support their economic growth, said Shell’s LNG Outlook 2024. Global trade in LNG reached 404 million tonnes in 2023, up from 397 million tonnes in 2022, with tight supplies of LNG constraining growth while maintaining prices and price volatility above historic averages. Demand for natural gas has already peaked in some regions but continues to rise globally, with LNG demand expected to reach around 625-685 million tonnes a year in 2040, according to the latest industry estimate. China is likely to dominate LNG demand growth this decade as its industry seeks to cut carbon emissions by switching from coal to gas, as per a report.
Source: Exim News Service: London, April 1