Shell Trims Outlook for LNG Demand Growth
Shell expects lower demand for liquefied natural gas by 2040, compared with previous estimates, as industries seek to reduce carbon emissions by switching from coal to gas, according to a Wednesday release.
The British oil and gas giant, citing industry estimates, said LNG demand by 2040 is estimated from 625 million tonnes to 685 million tonnes, compared with the previous estimate of 650 million tonnes to 700 million tonnes.
The global LNG trade grew to 404 million tonnes in 2023 from 397 million tonnes in 2022. Shell added that LNG demand has peaked in some regions and is expected to grow by over 50% by 2040 due to the increased coal-to-gas transitions taking place in China as well as South Asian and Southeast Asian countries. # Shell Trims Outlook for LNG Demand Growth
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