Global demand for liquefied natural gas is estimated to rise by around 60% by 2040, driven largely by economic growth in Asia, AI impact and efforts to cut emissions in heavy industries and transportation,

The oil company cited strong interest in Asia for the supercooled gas as Sempra outlined plans to export gas from Texas.

The market saw significant volatility in 2024. Spot LNG prices fell to their lowest levels since early 2022 before rebounding mid-year due to project delays. Asia drove demand, with China importing 79 million tonnes and India’s imports rising 20% to 27 million tonnes as it battled extreme heat.

A milder-than-usual winter across north Asia has reduced demand, enabling European buyers to bid for LNG cargoes to replenish depleted inventories. Asia, the top-importing contine

Global demand for liquefied natural gas is forecast to rise by 60% by 2040, driven largely by economic growth in Asia, the impact of artificial intelligence, and efforts to cut emissions in heavy industries and transportation,

LONDON/SINGAPORE (Reuters) - Global demand for liquefied natural gas is estimated to rise by around 60% by 2040, driven largely by economic growth in Asia, AI impact and efforts to cut emissions in heavy industries and transportation, Shell said in an annual report on Tuesday.

Industry forecasts now anticipate LNG demand to reach 630-718 million tons/year by 2040, reflecting an upward revision from previous estimates.