China’s LNG Demand Recovery: Drivers and Implications
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Last year, China’s gas demand growth was affected by weak demand in the industrial sector due to COVID-related control measures, and high spot LNG prices that were triggered by an unprecedented European appetite for the super-chilled fuel. As a result, China’s LNG imports dropped significantly by 20% year-on-year in 2022 to 63.44 million tons and were surpassed by Japan which has become the top LNG importer. Back in 2021, China overtook Japan as the world’s top LNG importer after reaching all-time high imports of 79.3 million tons, representing 21.2% of the global LNG trade as shown in Figure (1).
China’s LNG Demand Recovery: Drivers and Implications
China’s LNG Demand Recovery: Drivers and…
China’s LNG Demand Recovery: Drivers and Implications
Last year, China’s gas demand growth was affected by weak demand in the industrial sector due to COVID-related control measures, and high spot LNG prices that were triggered by an unprecedented European appetite for the super-chilled fuel. As a result, China’s LNG imports dropped significantly by 20% year-on-year in 2022 to 63.44 million tons and were surpassed by Japan which has become the top LNG importer. Back in 2021, China overtook Japan as the world’s top LNG importer after reaching all-time high imports of 79.3 million tons, representing 21.2% of the global LNG trade as shown in Figure (1).