Shell: LNG industry rebounded in 2021
- 21/02/2022
The global trade in LNG increased 6% to 380 million t during 2021 as many countries rebounded from the economic impact of the COVID-19 pandemic, according to Shell’s latest annual LNG Outlook.
Rising LNG demand, combined with supply constraints, caused gas and LNG prices to remain volatile throughout the year. Prices reached record levels in October 2021 as Europe, with historically low storage levels, struggled to secure LNG cargoes to meet expected winter gas demand.
The volatility emphasises the need for a more strategic approach to secure reliable and flexible gas supply in the future to avoid exposure to price spikes. An LNG supply-demand gap is forecast to emerge in the mid-2020s and focuses attention on the need for more investment to increase supply and meet rising LNG demand, especially in Asia.
Source: hydrocarbonengineering.com
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