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Global LNG demand forecast to double by 2024 – Shell

Global LNG demand forecast to double by 2024 – Shell

Mubasher: Global demand for liquefied natural gas (LNG) is forecast to double to 700 million tonnes by 2040 as the trend for shifting towards a lower-carbon energy system continues to rise, according to oil and gas giant Royal Dutch Shell.

Asia is projected to keep its leading position in the coming decades as South and South-east Asia are generating more than half of the increased demand.  

The global LNG market continued to evolve in 2019 with demand increasing for LNG and natural gas in power and non-power sectors,” Maarten Wetselaar, integrated gas and new energies director at Shell, said in a statement on Thursday.

During 2019, the world’s demand for LNG advanced by 12.5% year-on-year to 359 million tonnes.

While we see weak market conditions today due to record new supply coming in, two successive mild winters and the Coronavirus situation, we expect equilibrium to return, driven by a combination of continued demand growth and reduction in new supply coming on-stream until the mid-2020s,” Wetselaar pointed out.