Since the Russian invasion of Ukraine, LNG has become the swing emergency energy supply for many of the developed countries that comprise the Global North.
European LNG imports are still at similar levels to those throughout 2022 and 2023.
The already intense geopolitical struggle to secure these supplies will become even more of a dangerous zero-sum game between the Global North and the Global South.
Following the huge reduction in Russian pipelined gas to Europe following 24 February 2022’s invasion of Ukraine, liquefied natural gas (LNG) has become the swing emergency energy supply for many of the developed countries that comprise the Global North, led by the U.S. In fact, despite several new gas initiatives launched across Europe since then that have reduced overall gas demand from the continent, as analysed in full in my new book on the new global oil market order, European LNG imports are still at similar levels to those throughout 2022 and 2023.
This has resulted in a desperate ongoing search by those countries in the Global North to secure sufficient LNG well into the future. However, demand for LNG is set to intensify dramatically in many of the developing countries that constitute the Global South, led by China, both for their own energy security and as part of the transition to greener energy.
The net result of this is that global demand for LNG is projected to increase by more than 50 percent by 2040, according to oil and gas major Shell.
This means that the already intense geopolitical struggle to secure these supplies will become even more of a dangerous zero-sum game between the Global North and the Global South, and between their leaders, the U.S. and China.
No comments:
Post a Comment