Exxon Doubles Down on LNG Forecast Amid Ongoing Global Turmoil

ExxonMobil has raised its forecast for liquefied natural gas (LNG) sales by 2030, citing robust demand growth in Asia and beyond. The company now expects to sell around 50 million tons of LNG per year by 2030, up from a previous target of 40 million tons.

This revised forecast comes despite the ongoing US-Iran conflict, which has constrained LNG flows through the Strait of Hormuz and led to shortages in some regions. As a result, gas prices have risen to historic highs, prompting importers to seek alternative supplies.

However, Exxon remains bullish about long-term demand growth, particularly in Asia, where 70% of global LNG demand is expected to come from by 2050. The company's senior vice president for LNG, Peter Clarke, expects global LNG demand to increase from over 400 million tons today to around 500 million tons by 2030, before doubling by 2050.