Global LNG demand will grow steadily in the coming decades

According to a report from Reuters in London on September 21 by Pipeline & Natural Gas Magazine, industry executives said at the Gastech Summit this week that, driven by economic growth in Asia, demand for liquefied natural gas (LNG) will grow steadily in the next few decades. The novel coronavirus epidemic seen as just a short-term setback.

Irtiza Sayyed, President of ExxonMobil LNG Market Development, said that although the world is still struggling to cope with market demand and the severe impact of the new crown epidemic, the growing population and energy demand still support long-term fundamentals.

According to the International Energy Forum (International Energy Forum), global natural gas demand will drop by about 3% this year, and a strong recovery will follow.

As the world seeks cleaner energy sources to reduce pollution and carbon dioxide emissions, natural gas and liquefied natural gas are expected to become a gateway to net zero emissions in the future.

Douglas Wharton, vice president of Cheniere Marketing Pte. Ltd, told Gastech that with the growth of the global economy, the LNG industry will maintain rapid growth now and in the future, especially in Asia, where people aspire to be safe, cheap and clean. Fuel.

Due to the new crown epidemic, the Global Natural Gas and Liquefied Natural Gas Conference initiated in London in 1972 would actually be held this year. It will be held in Singapore next year.

Chenier predicts that between 2019-2040, LNG trading demand will grow at an average annual rate of 3.4%, and this growth will require additional supply.

Some executives at the summit said that because the new crown epidemic has reduced investment in new products, supply may not recover as quickly as demand.

Wood Mackenzie said that two-thirds of LNG demand growth in the next ten years will come from China, India, Pakistan and Bangladesh.

Industry executives from India said that their country’s demand for LNG is growing this year, and most speakers believe that China will be the main driving force for LNG demand in the next few decades.

Poten & Partners’ natural gas and LNG consultant Cai Ming said that China’s annual natural gas demand is expected to exceed 600 billion cubic meters by 2040, and this year’s demand is only slightly more than 300 billion cubic meters.