Mike Mozart
Peter Clarke, Senior Vice President for LNG at ExxonMobil International Ltd., informed Bloomberg that the firm anticipates its yearly LNG sales volume will hit 50 million tons by 2030 and will keep increasing in accordance with market growth beyond this decade.
The updated aim—higher than the earlier estimated 40 million tons annually by 2030—was established despite the ongoing conflict limiting LNG shipments through the Strait of Hormuz, which has halted about one-fifth of global supplies that came from the Persian Gulf before the unrest, the agency observes. The resulting deficit has pushed gas prices to their highest levels in several years.
This has led importers to hasten their efforts in finding alternative energy sources, which include speeding up initiatives for nuclear and renewable energy or—even in certain situations—resuming coal usage.
Despite this, Exxon is hopeful about the growth potential for demand in the upcoming decades, pinpointing Asia as a crucial market for LNG. Clarke indicated that he anticipates worldwide LNG demand increasing from more than 400 million tons now to around 500 million tons by 2030, subsequently doubling by 2050.
source: bloomberg.com
The updated aim—higher than the earlier estimated 40 million tons annually by 2030—was established despite the ongoing conflict limiting LNG shipments through the Strait of Hormuz, which has halted about one-fifth of global supplies that came from the Persian Gulf before the unrest, the agency observes. The resulting deficit has pushed gas prices to their highest levels in several years.
This has led importers to hasten their efforts in finding alternative energy sources, which include speeding up initiatives for nuclear and renewable energy or—even in certain situations—resuming coal usage.
Despite this, Exxon is hopeful about the growth potential for demand in the upcoming decades, pinpointing Asia as a crucial market for LNG. Clarke indicated that he anticipates worldwide LNG demand increasing from more than 400 million tons now to around 500 million tons by 2030, subsequently doubling by 2050.
source: bloomberg.com
