Shell predicts global demand for liquefied natural gas will surge by more than 50% by 2040 as the world transitions to cleaner energy.
The oil majors suggested in their latest energy outlook that global demand will peak at some point in the 2040s, with growth in the Asian powers offsetting declines in the United States and Europe.
However, annual production in 2040 has increased from 404 million tons last year to 625 million tons to 685 million tons, lower than last year’s forecast of 700 million tons.
LNG has grown in importance since the outbreak of the Ukraine war, as Europe seeks to wean itself off Russian pipeline gas and becomes increasingly reliant on imports from the United States.