Worldwide demand for liquefied natural gas could increase about 60 percent by 2040, according to oil major Shell, mainly fueled by economic growth in Asia and demand for LNG-powered ships.
In an outlook issued Tuesday, London-based Shell said China’s LNG imports for 2024 dwarfed those of India — 79 million to 27 million metric tons — while Europe’s LNG imports fell by 23 million metric tons.
China took advantage of lower prices during the beginning of last year, Shell said in an online video, “nearing its peak imports in 2021.”
Overall, Shell is forecasting that global LNG demand will reach between 630 million and 718 million metric tons a year by 2040, according to a news release, while global trade in LNG hit 407 million metric tons last year.
