Shell's LNG outlook 2024 predicts 50% surge in global demand by 2040

Shell's LNG Outlook 2024 anticipates a remarkable 50% increase in global liquefied natural gas (LNG) demand by 2040. The forecast is driven by China's swift shift from industrial coal to gas and the rising adoption of LNG across South and East Asia for economic development.

The report notes a substantial rise in global LNG trade, reaching 404 million tonnes in 2023, up from 397 million tonnes in 2022. Industry estimates project a significant leap in LNG demand to 625-685 million tonnes per annum by 2040, signaling a transformative shift in the energy landscape.

Steve Hill, Executive Vice President of Shell Energy, highlights China's pivotal role in fueling LNG demand growth, emphasizing its influential position in shaping the future of the LNG market.