Patrick Pouyanne, CEO of TotalEnergies (TTE), discusses the balance between oil supply and demand, and the outlook for the liquefied natural gas market, on the sidelines of the COP28 summit in Dubai. Driven by population growth and economic recovery, particularly in China, demand for oil continues to grow.

He points out that the current price of LNG is surprisingly higher than that of oil, and that this has led to a slowdown in demand in Asia, where coal is becoming the alternative. He predicts that LNG supply tension and price volatility will persist until 2026-2027, when new capacity will become available, notably in Qatar and the USA.

(MT Newswires)

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