January 30, 2023 11:31 GMT
Global LNG Trade To Increase In the Near-Term: BP
Global LNG trade is anticipated to increase until 2030, before rising demand from emerging markets will be offset by falling imports from developed countries as they transition to lower carbon energy sources according the BP Energy Outlook.
- Depending on the scenario, overall LNG demand is expected to rise by around 60% over the next ten year.
- Coal-to-gas switching in China, India and other emerging Asian countries will boost demand for LNG.
- LNG imports are the main source for this growing use of natural gas, accounting for 65-75% of the increase in gas consumed in emerging Asia out to 2030 across the three scenarios.
- LNG imports to Europe are also increasing until 2030, given lower pipeline exports from Russia.