Global LNG demand could double by 2050 driven by its ability to complement renewables, replace higher-emission fuels and unlock latent demand in fast-growing economies, according to Andrew Berry, vice-president – global LNG marketing and chairman, ExxonMobil LNG Market Development.
Speaking during a panel on managing global LNG supply chains at India Energy Week 2026 on Wednesday, Berry said that the company remains among the most bullish forecasters on LNG demand.
“Natural gas is uniquely positioned, as it is flexible, scalable and works alongside renewables,” he said.
Berry acknowledged concerns that the next wave of LNG supply, around 35 mtpa in 2026 and another 130-137 mtpa between 2027 and 2030, could echo the oversupply cycle of 2015–2020. However, he argued that today’s market dynamics are fundamentally different.
“Between 2015 and 2020, LNG demand grew about 15 per cent, similar to what we expect now. The difference is the amount of latent demand waiting to be unlocked,” said Berry.
India, he noted, offers a clear example. The country has built over 20 GW of gas-fired power capacity, yet utilisation hovers around 30 per cent, while over 50 mtpa of regasification capacity also remains underused. “As supply increases and prices moderate, this demand can come back very quickly,” he said.
Berry said that the sharp price spikes of the last few years temporarily suppressed demand, but even recent winters have shown price moderation as supply normalises. “We are already seeing demand respond as volatility eases,” he added.
He also pointed to the transport sector as a major growth lever. Drawing parallels with China, Berry noted that India has fewer than 1,000 LNG-powered heavy-duty trucks, compared with hundreds of thousands in China.
“China’s growth was driven by environmental regulation and clear policy signals. India has already done this successfully with CNG vehicles,” he said.
Berry said that LNG adoption accelerates fastest when it is both cheaper and cleaner than alternatives. “That combination is powerful,” he said, adding that India’s experience with CNG shows how policy support can rapidly scale gas consumption.
With new supply coming online globally, Berry said India is well placed to capture long-term LNG growth, provided infrastructure, pricing and policy remain aligned. “From our perspective, LNG’s role in India and Asia is only getting stronger over the coming decades,” he said.
