QATAR: Global prices of liquefied natural gas (LNG) are expected to soften by the end of the decade as new supply comes online, the CEO of French energy firm TotalEnergies said in Qatar on Tuesday.

LNG supplies are expected to increase by around 100 million tonnes per year, or around 20%, by 2030, particularly from new projects in Qatar and the United States, Patrick Pouyanne told reporters at a groundbreaking ceremony for the expansion of Qatar’s giant North Field LNG facility.

Global LNG: Asia spot prices hit 7-month high on rising demand, Europe supply worries

Global LNG prices surged to a record in the wake of Russia’s invasion of Ukraine last year, as Europe sought to replace Russian pipeline gas supplies.

“It is better for everyone to have more supply in the market to stabilise the price than having a tense market like today. Probably by the end of the decade we will see a softening of (LNG) prices,” Pouyanne said.