Global gas demand to exceed 5 trillion cubic meters by 2035, says Russian natural resources ministry

TASS Russian News Agency | Sep 18, 2019 at 9:12 AM

TYUMEN, September 18. /TASS/. Global gas demand is expected to exceed 5 trillion cubic meters by 2035, according to the files released by Russia's Ministry of Natural Resources and Environment for the Tyumen Oil and Gas Forum.

"According to our data and the data provided by the Energy Ministry, the demand will continue growing from today's 3.7 trillion cubic meters of gas to over 5 trillion cubic meters of gas by 2035, that growth will exceed 40%. The International Energy Agency projects that gas demand will rise by at least 50% by 2040," the document said.

LNG (liquefied natural gas) consumption rates are 3.5-fold higher than gas in general, with the demand growth reaching 70%. Meanwhile, the number of LNG consuming countries more than doubled - from 17% to 40%.

"Global LNG demand will double again to around 600 mln tonnes by 2035," the files said.

The Asian-Pacific region is the main driver of consumption, with China and India jointly covering more than half of LNG demand growth. As a result, the share of LNG in global trade may climb from today's 35% of total gas trade volumes to 51% by 2035, Russia's Natural Resources Ministry said.

The tenth Tyumen Oil and Gas Forum is being held on September 17-19. It is a platform for the dialogue between the authorities, business, the scientific and professional community and media outlets. Over 3,500 people are expected to participate in the forum to discuss challenges faced by the fuel and energy complex and find ways of solving relevant issues. In 2018, 130 experts from 400 companies, over 2,000 people from 20 countries participated in the forum.

Russia's TASS news agency is the event's general information partner.