New LNG supply will be limited until the second half of 2025 with Europe’s need to refill gas storage competing with Asian demand, according to Shell’s annual LNG Outlook report.
Forecast LNG demand growth is in the 17 million to 26 million tonnes per annum range. Global LNG supply growth is coming, but the timing remains uncertain due to geopolitical tensions, regulatory hurdles, start-up risks, civil unrest, labour shortages and supply chain bottlenecks, said the report.
Trade reached 407 million tonnes in 2024, just three million tonnes up on 2023, marking the lowest annual supply addition for 10 years. More investment is needed to ensure supply can keep up with demand, it was noted.
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