MOSCOW, February 14. /TASS/. Europe imported 124 mln tons of LNG in 2023, at the same level as the previous year, despite a general decline in local gas demand, Shell forecasts in its annual LNG outlook.
According to the statement, LNG continued to play a vital role in energy security, with Europe importing 124 mln tonnes.
This figure remained at the same level as in 2022, despite an overall decline in gas demand in Europe in 2023, Shell noted. The decline in demand (to just over 310 mln cubic meters in 2023 against more than 340 mln cubic meters a year earlier) continued due to reduced gas supplies to the region and high prices.
At the same time, global LNG demand will grow by more than 50% by 2040. "Global demand for liquefied natural gas (LNG) is estimated to rise by more than 50% by 2040, as industrial coal-to-gas switching gathers pace in China and South Asian and South-east Asian countries use more LNG to support their economic growth," the statement said.
Total global LNG trade volumes rose to 404 mln tonnes in 2023 from 397 mln tonnes a year earlier. By 2040, demand for LNG will reach approximately 625-685 mln tons per year, Shell believes.
At the same time, demand for gas has already peaked in a number of places throughout the world, but the global peak will not happen until after 2040, according to the company's report. Peak gas consumption is expected in the 2030s in the United States and Argentina, but not until after 2040 in Russia, India, China, Indonesia, Nigeria, and South Africa. In Europe and Japan, gas demand peaked in the 2010s.