Global gas: Global Demand

Global gas demand peaks in the early 2040s, but by 2060 it’s still 410 bcm higher than gas demand in 2025, or 10%, supported by growth in North America and Asia. Global LNG demand will increase by 66% through 2040 but will plateau through 2060 as increasing demand from emerging Asian markets is compensated by reducing demand in Northeast Asia and Europe. LNG prices will continue to increase through 2060, albeit at a slower pace than Henry Hub prices as global LNG demand plateaus and cheaper non-US LNG options are available. We anticipate 37 Mtpa of additional FIDs in the next 18 months, contributing to a market unbalance that averages more than 50 Mtpa in the period 2031-2033.