Despite the muted outlook for natural gas in Europe, long term Asian demand for natural gas and LNG seems to be increasingly certain
Executives in the natural gas industry expect strong demand for the fuel in Asia through 2040 and 2050 as countries continue their coal-to-gas switch policy and look to meet emission reduction goals. Recent estimates and reports diverge from the International Energy Agency’s IEA peak fossil fuel demand projections announced in recent weeks. The IEA expects demand for all three fossil fuels – oil, coal, and natural gas – to peak before the end of this decade.
Industry Much More Bullish Than IEA While industry executives expect a part of Europe’s gas demand to have been lost for good during the energy crisis last year, they do not see demand in Asia slackening anytime soon, and certainly not before 2030. Gas industry delegates who attended earlier this month an LNG conference in Singapore organized by S&P Global expect natural gas demand in Asia to jump by more than 50% by 2050, Energy Intelligence’s Clara Tan reports.
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