July 2007

Trends and Resources

HP Impact: HPImpact: LNG likely to be in short supply by 2013, says forecast

Demand for liquid natural gas will likely exceed supply in six or seven years, leading to significantly higher prices for Asian and other buyers, according to Frank Harris, head of global LNG at consu..

Weirauch, Wendy, Hydrocarbon Processing Staff

Demand for liquid natural gas will likely exceed supply in six or seven years, leading to significantly higher prices for Asian and other buyers, according to Frank Harris, head of global LNG at consultancy Wood Mackenzie. "By the time you get to 2013–2014, we estimate there will be more demand for LNG than there is supply. However, there's generally LNG to buy if you are prepared to pay the price," according to Mr. Harris. Demand for LNG has been growing rapidly because it is more economical and environmentally friendly than crude oil. By 2010, Asia's LNG demand is forecast to reach 126 million metric tons (MMton), up 23 MMton or more than 20% from 2006. That compares to Asia's s

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