The following is the LNG outlook in 2021 From Shell recommended by recordtrend.com. And this article belongs to the classification: new energy, research report.
In 2020, the novel coronavirus pneumonia epidemic was controlled by various economies, which resulted in GDP loss of trillions of dollars worldwide. Compared with the demand of 358 million tons in 2019, the slight growth in 2020 reflects the resilience and flexibility of the global LNG market.
At the beginning of the year, the global price of liquefied natural gas hit a record low. However, due to the recovery of demand in some parts of Asia, the growth of winter purchase volume and the shortage of supply, the liquefied natural gas market ended its 12-month low price and reached the highest point in six years.
“There was no parallel in history. Novel coronavirus pneumonia (LNG) provided the world with the flexibility energy required during the new crown pneumonia epidemic,” Wei Sile, executive director of Shell integrated natural gas, renewable energy and energy solutions, said. “Maarten has shown that it has met the resilience and ability of people’s life and production in unprecedented times”. “Wetselaar”
“Countries and companies around the world, including shell, are striving to achieve the goal of net zero emissions and are committed to creating low-carbon energy systems. As the cleanest fossil fuels, natural gas and liquefied natural gas play a central role in providing energy for the world and promoting the goal of net zero emissions. “
When applied to power generation, natural gas emits 45% to 55% less greenhouse gases than coal, and its air pollutants are less than one tenth of coal.
Demand rebounds in Asia
After the outbreak, demand for liquefied natural gas in China and India took the lead in recovering. China’s imports of liquefied natural gas increased by 7 million tons to 67 million tons, up 11% year on year.
As China announces its goal of achieving carbon neutrality by 2060, we expect LNG demand to continue to grow. Natural gas can play a key role in difficult carbon reduction areas such as construction, heavy industry, shipping and heavy road transportation.
In 2020, India will take advantage of the low price of liquefied natural gas to increase its imports by 11% to supplement its domestic natural gas production.
Two other major Asian LNG importers, Japan and South Korea, also announced net zero emissions targets in 2020. To achieve this goal, South Korea plans to convert 24 coal-fired power plants to use cleaner liquefied natural gas by 2034.
Demand in Europe and flexible supply in the United States helped balance the global LNG market in the first half of 2020. However, supply shortages, structural constraints and extreme weather in other regions in the second half of the year led to higher LNG prices.
LNG market outlook in 2040
Overall, the global demand for LNG is expected to reach 700 million tons by 2040. With the decline of domestic natural gas production in Asian countries, as well as the use of liquefied natural gas to replace high emission energy to solve air quality problems and achieve the goal of emission reduction, it is expected that Asia will promote the increase of nearly 75% of liquefied natural gas.
For example, in 2020, to support the energy demand of more than 500000 LNG fueled vehicles, China’s heavy transport industry consumed nearly 13 million tons of LNG, almost double the number in 2018. The number of LNG fueled shipping is also growing and is expected to more than double by 2023, with 45 LNG ships in the world.
With the growth of demand, the new LNG production will be lower than expected, and the gap between supply and demand is expected to appear in the second half of the 1920s. For example, only 3 million tons of new LNG production will be announced in 2020, far lower than the expected 60 million tons.
It is estimated that more than half of the future LNG demand will come from countries with net zero emission targets. The LNG industry needs to innovate in all aspects of the value chain in order to reduce its carbon emissions and play a key role in the industry where carbon reduction is difficult.
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