Shell estimates demand for LNG to increase by 60% by 2040

Shell estimates that there will be a 60% increase in the level of liquefied natural gas (LNG) by 2040, largely influenced by economic growth in Asia, the impact of artificial intelligence (AI), and efforts to be made in industry and the transport sector, Reuters reports.

The news agency reports that the industry expects demand for liquefied natural gas to reach between 630 and 718 million metric tons by 2040.

Shell's vice president for LNG trading and marketing, Tom Summers, quoted by Reuters, said that forecasts point to a global increase in "gas for power generation, heating and cooling, industry and transport to achieve development and decarbonization goals."

Shell also says that China, which is the world's largest importer of liquefied natural gas, as well as India, must increase their liquefied natural gas import capacity and also their gas infrastructure to meet the increase in demand.

Reuters also says that the International Energy Agency expects natural gas consumption to rise by 60% in India between 2023 and 2030. Shell also says that to meet the increase in demand, particularly in Asia, there must be an increase in the supply side of LNG in the order of 170 million tonnes by 2030. The company also says that there should be significant growth in the supply side from the United States, reaching 180 million tonnes per year by 2030, which would mean that the country would be responsible for a third of global supply.