BMI Announced Bullish Outlook for Asia Natural Gas Demand

SEATTLE (Oil Monster): BMI Research, a subsidiary of Fitch Solutions Group Limited, announced that its outlook for Asian natural gas demand remains bullish.

According to the report, several countries in the region, especially China and India, along with emerging LNG markets in Southeast and South Asian regions have declared ambitious targets, aimed at boosting the share of natural gas in their energy mix. The energy transition policies, with special impetus on gas, will provide further growth to the natural gas market, the BMI analysts pointed out.

As per report, the Asian natural gas consumption is projected to grow at an annual average rate of 1.9% between 2023 and 2033. The total gas consumption is expected to increase from 921 billion cubic meters (bcm) in 2022 to 1,132 bcm in 2033. The LNG imports by the Asian region is forecast to increase from 324 bcm in 2023 to 448 bcm in 2033, mainly driven by China and India. China will emerge as the key driver, accounting for nearly 48% of the incremental natural gas demand.

BMI noted that the Asian region will continue to face shortfalls in natural gas supplies to keep pace with demand growth. This will further accelerate the imports of LNG from outside the region.

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