Gas to overtake oil by 2040 – IEEJ
A combined-cycle gas power plant in Cadiz, Spain. The power generation sector will be the largest driver in the fuel's growth. (Iberdrola)
Gas will overtake oil as the world’s second-largest energy source by 2040, Japan’s Institute of Energy Economics (IEEJ) said this week in its Annual Energy Outlook. The IEEJ’s bullish forecast sees global gas demand hitting 5.88 trillion cubic metres by 2040, with the LNG market more than doubling in size to 548 mt.
Global LNG trade stood at 237 mt in 2013 after two years of disappointing flows as a result of supply interruptions and liquefaction plant delays. However, new capacity in Australia and the United States is set to boost output, with more expected in regions such as East Africa and Canada.