With tight supplies of LNG constraining growth while maintaining prices and price volatility above historic averages, the UK oil major highlights that demand for natural gas has already peaked in some regions but continues to rise globally, after the global LNG trade reached 404 million tons in 2023, up from 397 million tons in 2022. According to Shell’s ‘LNG Outlook 2024,’ LNG demand is expected to reach around 625-685 million tons a year in 2040.
