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Global oil, LNG demand to grow by 2050 — IEA

The global LNG market will grow from about 560 bln cubic meters in 2024 to 880 bln cubic meters in 2035 and to 1,020 bln cubic meters in 2050, the agency stated

PARIS, November 12. /TASS/. The International Energy Agency (IEA) has revised its initial outlook and forecasts that the global demand for oil and liquefied natural gas (LNG) may grow until 2050.

The scenario was changed because it addressed the current policy of countries either ignoring the transition to pure energy and promises to reach the net zero by the middle of the century or failing to present plans to do that, the agency said in its annual world energy outlook. IEA forecasts that global energy demand will grow by 15% against current figures. According to the scenario, the oil demand will reach 113 mln barrels per day by 2050, which is approximately 13% more than consumption in 2024, and the peak will be reached in 2030.

The global LNG market will grow from about 560 bln cubic meters in 2024 to 880 bln cubic meters in 2035 and to 1,020 bln cubic meters in 2050, IEA added.

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