Post by account_disabled on Mar 9, 2024 4:04:27 GMT -5
This increase comes mainly from Asia. Global demand is expected to exceed 700 million tonnes per year by 2040.
Global trade in liquefied natural gas (LNG) increased by 6% in 2021, with a total of 380 million tons, motivated by the economic recovery after the coronavirus and a greater willingness of countries to reduce CO2 emissions.
China, the world's second-largest economy, and South Korea led LNG demand growth last year, with the Asian giant overtaking Japan to become the world's largest importer with its imports growing from 12 million tons to 79 million tons.
LNG is natural gas that turns Ecuador Mobile Number List into a colorless, non-toxic liquid when cooled to -162°C. The cooling process reduces the volume of the gas, making it easier to ship and store. It can be used for cooking and heating, as fuel for commercial vehicles, generating electricity, manufacturing products such as fertilizers, paints and medicines.
LNG prices remained volatile last year and rose to record levels in October as increased demand and supply constraints were recorded. Global demand for LNG, which can help improve air quality and reduce greenhouse gas emissions in the energy sector, is expected to grow by up to 5% annually over the next 20 years.
This makes LNG ideal for the transition to a low-carbon energy future, supporting a fuel mix that helps countries balance energy demand with their clean energy goals.
The United States, the world's largest economy, led export growth with an annual increase of 24 million tonnes last year and is expected to become the world's largest LNG exporter in 2022, overtaking Australia and Qatar.
US LNG exports to the EU-27 and the United Kingdom increased from 96 million cubic meters per day in November 2021 to 184 in January 2022.
Natural gas production in Europe has been in continuous decline due to production limits at the Groningen field in the Netherlands and declines in mature fields in the North Sea. To meet demand, European imports of natural gas, especially from Russia, have increased in recent years.