Global demand for LNG to increase by 34% by 2050

The global demand for Liquefied Natural Gas (LNG) is expected to increase by 34 percent by 2025, with the current growth rate standing at 23 percent.

This data was revealed in the Global Gas Outlook report published by the Gas Exporting Countries Forum (GECF), a coalition of the gas exporting nations.

The report was unveiled on the second day of the GECF summit hosted at the Abdullatif Rahal International Conference Centre (CIC), in the Algerian capital on March 1, Rahmat Rahman, senior reporter of Share Biz, reported from Algeria.

GECF Secretary General Mohamed Hamel presented the information during the summit. Energy and Mineral Resources Ministers of GECF member and observer countries participated in the meeting.

The Minister welcomed Mauritania and Senegal as members of the GECF Alliance.

The meeting also finalised the 'Declaration of Algiers', which was released on Saturday, the last day of the summit.

Algerian President Abdelmajid Tebboune announced the end of the summit on Saturday. Presidents and ministers of some member and observer countries attended the event.

It may be noted that when the Russia-Ukraine war started in February 2022, the LNG supply chain in the world market faced a major crisis.

In such a situation, the price of fuel in the Asian spot market reached a new high, surpassing all previous records.

However, in 2023, the supply has largely eased from the crunch. The average price dropped to $18 per MMBtu.

The lower prices are encouraging most importing countries, from China to Bangladesh, to increase supplies from Qatar and the United States.