GLOBAL LNG DEMAND EXPECTED TO ALMOST DOUBLE BY 2040: SHELL

Global liquefied natural gas (LNG) demand is expected to almost double to 700 million tonnes by 2040, Royal Dutch Shell said in its annual LNG market outlook. Demand was 360 million tonnes last year, up slightly from 2019's 358 million tonnes, despite volatility caused by lockdowns during the coronavirus pandemic. Global LNG prices hit a record low early in 2020 but reached record highs at the start of this year due to high winter demand, supply outages and infrastructure bottlenecks. “While COVID-19 derailed expected forecasts ... the industry reacted swiftly to changing market conditions, diverting cargoes to shifting demand centres and through adjusting supply,” the outlook said. Asia is expected to drive nearly 75 per cent of LNG demand growth to 2040.