Global demand for liquefied natural gas (LNG) is estimated to rise more than 50% by 2040, as China and South Asian countries use more LNG to support their economic growth, Shell said in an outlook report on Wednesday.
Global LNG trading rose to 404 million metric tons in 2023 from 397 million in 2022, Shell said in its 2024 annual LNG outlook, adding that tight supply is constraining growth, while maintaining prices and price volatility above historic averages.
The report added that China is likely to dominate LNG demand growth this decade.
(Reporting by Marwa Rashad in London and Emily Chow in Singapore; editing by Jacqueline Wong and Jason Neely)