Asia to soak up global LNG glut
Weak prices reflect a region awash in supplies. Rising demand will soak up the global surfeit, but not until the 2020s
Although Asia-Pacific is buying less liquefied natural gas at the moment, as big established users consume less, demand for the fuel should rebound with a vengeance early next decade as gas-fired power-generation capacity ramps up and new markets are opened. Indeed, whatever today's doubts, the longer-term picture still looks rosy. Asia-Pacific could see a 50% increase in LNG demand between 2016 and 2035, according to data from consultancies Wood Mackenzie and FACTS Global Energy. Southeast Asian demand could surge by 80% over the same period while consumption growth in South Asia is set for a 70% increase. Much of this will be driven by strong uptake of imported LNG for power generation in
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