Mohamed Hamel, the Secretary General of the Gas Exporting Countries Forum, predicted at a conference in Trinidad and Tobago on Monday that global supply in liquefied natural gas (LNG) markets will shrink until 2026, with demand rising by 1.5% this year and increasing up to 22% by 2050. The forum includes gas-exporting countries like Qatar, Russia, and Trinidad and Tobago. The forum's website shows that its member countries hold more than two-thirds of the world's gas supplies.
Last year, the forum warned in its annual report about the surge in spot gas prices and their volatility to record levels in Europe and Asia, stating that concerns regarding energy security take precedence over goals related to mitigating the impacts of climate change, as policymakers focus on meeting their people's energy needs.
Oksana Dembitska from BP warned during the conference on Monday about the sharp rise in LNG prices, saying it has led to a decrease in demand, especially following Russia's invasion of Ukraine, which caused prices to increase sevenfold. Dembitska noted that BP expects Europe to remain a major LNG destination for at least the next 20 years, which supports supply agreements.
