• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days China's aggression is changing the nature of sovereignty.
  • 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 days Ukrainian Maidan after 8 years
  • 3 days OPEC+ Expects Large Oil Glut In Early 2022
  • 2 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 2 days Delta variant in European Union
  • 3 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 3 days Forecasts for Natural Gas
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 9 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 22 hours Сryptocurrency predictions
  • 3 days NordStream2
  • 3 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies

China Is World’s Number-2 In LNG Imports

China has overtaken South Korea as the world’s second-largest importer of LNG, buying 38.1 million tons of the fuel in 2017, compared with 37.6 million tons for South Korea. The number-one importer of LNG is still Japan. This was a 46-percent annual increase in LNG shipments to China.

The 2017 import figures from China are set to rise further this year as Beijing intensifies its fight against pollution by replacing coal with gas and LNG. This urgency led to gas shortages in northern China in December, which swelled LNG imports and pushed prices on the nascent spot market higher for a while.

In December alone, China imported 5.03 million tons of LNG, customs data showed today, beating its November record of 4.06 million tons by 24 percent. The figure was also 35 percent higher than that for December 2016.

Total gas imports hit an all-time high of 7.89 million tons in that month, beating the previous record, booked in November, by 20 percent. This record-high import rate made for a fitting end to a year that saw natural gas imports into the country soar by 27 percent annually to 68.57 million tons.

Related: Trump’s Offshore Drilling Plan Is A Slippery Slope

The drive against pollution also pushed the country’s domestic gas production to a three-year high last year, at 147.4 billion cubic meters, up 8.5 percent on an annual basis.

These developments will likely turn China into a major LNG spot market swinger, Reuters’ Clyde Russell noted in a recent column. Based on historical data about seasonal demand patterns, Russell suggests that shipments of LNG to China might fall by as much as 40 percent from their December 2017 high, which will most likely weigh heavily on spot prices.

At the same time, China will not be the only factor affecting prices this year, he adds, noting the ramp-up at Chevron’s Wheatstone offshore project in Australia, and Shell and Inpex getting closer to launching their Ichthys and Prelude projects, respectively.

By Irina Slav for Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News