Tuesday, May 30 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Gas News
Today's News
Yesterday's News
Week of May 22
Week of May 15
Week of May 08
Week of May 01
Week of Apr 24
By Topic
By News Partner
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Gas News > News Article

    Share by Email E-mail Printer Friendly Print

    Shell: European Demand Is Set To Dominate LNG Trade In The Long Term

    March 16, 2023 - Indian Oil And Gas News


      March 16 -- The significantly higher demand for liquefied natural gas in Europe is set to intensify competition with Asia in the short term and to dominate LNG trade in the longer term, Shell said in its annual LNG outlook on Thursday.

      European countries, including the UK, saw their LNG imports jump by 60% last year, to 121 million tons, Shell, the world’s largest LNG trader, said as it issued a bullish outlook on the fuel through 2040.

      Global LNG trade hit 396 million tons last year, an increase of 16 million tons compared to 2021.


      The surge in Europe’s imports in 2022 was facilitated by a 15-million-ton, or 19%, decline in China’s imports due to the zero-Covid policy, and a marked drop in South Asia’s LNG imports due to the high prices, Shell said.

      At the same time, Europe’s pipeline gas imports from Russia slumped by 53% in 2022 compared to 2021.

      “The war in Ukraine has had far-reaching impacts on energy security around the world and caused structural shifts in the market that are likely to impact the global LNG industry over the long term,” Steve Hill, Shell’s Executive Vice President for Energy Marketing, said in a statement.

      LNG could become a core energy supply for Europe to meet energy security needs, while China could increasingly provide more flexibility to the global LNG market, the supermajor said.

      Through the mid-2020s, that is over the next two years, the global LNG market will remain tight as Europe and Asia compete for limited new LNG supply, the supermajor said.

      New supply – especially from Qatar and the United States – is set to hit the market in 2025-2026. Around 80% of new LNG supply by 2030 will come from those two major LNG exporters, Shell noted.

      However, the supermajor warned that another supply-demand gap could be looming in the late 2020s without new investment in additional supply.


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.