Global demand in LNG will increase to 630mn-718mn tonnes by 2040, from 407mn tonnes last year, Shell said. Last year’s outlook pegged the demand at 625mn-685mn tonnes. More than 170mn tonnes of new LNG supply is expected to come online by 2030 to meet the rising demand, Shell added.

The oil company cited strong interest in Asia for the supercooled gas as Sempra outlined plans to export gas from Texas.

Global demand for liquefied natural gas is estimated to rise by around 60% by 2040, driven largely by economic growth in Asia, AI impact and efforts to cut emissions in heavy industries and transportation,

A Shell report highlights the increasing demand for natural gas as the world transitions to cleaner energy sources.