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International Energy Agency President Fatih Birol said at an energy conference in Singapore that for oil, the demand for LNG will surge; Global LNG trade will exceed 500 billion cubic meters per day by 2023 and will grow by a third over the next 5 years; By 2023, Qatar, Australia and the United States will provide 60% of the world's LNG.
Demand for LNG is largely driven by growth in China, where anti-pollution programs are driving a massive shift
from coal to natural gas.
Demand in Southeast Asia is also expected to grow rapidly, with power sectors in these regions needing $50 billion in investment by 2040, more than double current levels, to keep up with consumption
, Birol said.
Despite this growth potential, the LNG industry faces increasing competition from renewable energy and storage technologies, which are cleaner and cheaper
than fossil fuels.
Birol said that in many countries, solar energy is expected to become the cheapest new energy source
.
International Energy Agency President Fatih Birol said at an energy conference in Singapore that for oil, the demand for LNG will surge; Global LNG trade will exceed 500 billion cubic meters per day by 2023 and will grow by a third over the next 5 years; By 2023, Qatar, Australia and the United States will provide 60% of the world's LNG.
Demand for LNG is largely driven by growth in China, where anti-pollution programs are driving a massive shift
from coal to natural gas.
Demand in Southeast Asia is also expected to grow rapidly, with power sectors in these regions needing $50 billion in investment by 2040, more than double current levels, to keep up with consumption
, Birol said.
Despite this growth potential, the LNG industry faces increasing competition from renewable energy and storage technologies, which are cleaner and cheaper
than fossil fuels.
Birol said that in many countries, solar energy is expected to become the cheapest new energy source
.
