The global trade in liquefied natural gas (LNG) increased 6% to 380 million tons in 2021, from 360 million tons in 2020, as economies rebounded from the impact of COVID-19 pandemic, the multinational oil and gas company Shell announced on Monday.
In its latest annual LNG Outlook, Shell said rising LNG demand, combined with supply constraints, caused natural gas and LNG prices to remain volatile throughout the year. Global LNG prices reached record highs in October 2021.
“Last year showed just how crucial gas and LNG are in providing communities around the world with energy they need as they strived to get back on track following the difficulties caused by the COVID-19 pandemic.” Wael Sawan, Integrated Gas, Renewables and Energy Solutions Director at Shell, said.
China and South Korea led the growth in LNG demand in 2021. China increased its LNG imports by 12 million tons to 79 million tons, surpassing Japan to become the world’s largest LNG importer, according to the report.
The demand for the LNG is expected to almost double to 700 mln tons by 2040.