ExxonMobil Forecasts LNG Demand to More Than Double by 2050
ExxonMobil's vice president of LNG Marketing, Andrew Barry, remains confident that liquefied natural gas consumption will more than double by 2050 despite ongoing conflict in the Middle East. In comments made on September 14 at the Gastech 2026 conference in Bangkok, Barry said most demand loss tied to the conflict is expected to remain a near-term phenomenon. He noted that spot prices have restrained consumption, but added that spot sales represent only a small share of global volumes, with roughly 70% to 80% of supply remaining under long-term contracts.
According to Barry, ExxonMobil sells LNG from an overall portfolio rather than specific production sites. The company's bullish long-term demand outlook is driving its interest in further LNG production opportunities, with 2026 being a pivotal year for its LNG efforts. ExxonMobil is considering final investment decisions on two other LNG projects by the end of 2026: the Rovuma LNG development in Mozambique and the Papua LNG project in Papua New Guinea.