Natural Gas Demand and LNG Exports Growing, but Longer Term Outlook ‘Uncertain,’ Says BP

Global oil demand is falling, but natural gas prospects, including for LNG, will depend on the speed of the energy transition, with rising consumption in emerging economies expected to be offset by the developed world’s lower carbon resources, according to BP plc.

The BP Energy Outlook 2023, the annual report by the supermajor, focuses on Accelerated, Net Zero and New Momentum scenarios. The outlook is not a forecast, nor what BP would like to happen, but is based on existing technologies. 

Two major developments last year upended the 2022 forecast, the Russia-Ukraine war and the U.S. Inflation Reduction Act, said BP’s chief economist Spencer Dale. He discussed the implications of the outlook during a webcast.

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