Commodity Market Report
Global gas: Asia regional market report
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Report summary
Overall gas demand has recovered from 2021 lows, but relatively high spot LNG prices and global economic and geopolitical uncertainty continue to create risks. Over the course of this decade the centre of Asian gas demand will shift from established legacy buyers in northern Asia to the emerging economies of southern Asia. China is still the only region where significant production growth is expected. As a result, a supply shortfall will emerge and LNG must fill the gap. LNG demand rises to ~280 mmtpa by 2025 and ~420 mmtpa by 2033, but infrastructure, long-term contracting and regulatory reform are critical facilitators. Read our new Global gas: Asia regional market report to learn more about the largest and fastest growing gas and LNG markets in the world. Our November 2023 report focuses on the long-term strategic outlook to 2050 and analyses key trends across the region.
Table of contents
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Executive summary
- Economic , geopolitical and pricing concerns limit near-term gas demand upside, but growth will strengthen in the mid-term
- Despite recent exploration success, the environment for domestic gas commercialisation and production remains challenging
- LNG demand growth strengthens from the late 2020s as Asia remains poised to become the powerhouse of long-term growth
- Gas and LNG support Asia’s energy transition, but infrastructure and regulatory reform are critical facilitators
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Previous outlook: March 2023
- Gas demand growth remains robust into the long term
- Challenging environment for indigenous production
- LNG demand rebounds from mid-decade
- Long-term growth trajectories vary across Asian markets
Tables and charts
This report includes 2 images and tables including:
- Asia gas and LNG at a glance
- Asia gas at a glance
What's included
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