China’s Covid Pivot Set to Worsen the Global Energy Crunch
- The nation’s gas imports could rebound 7% in 2023, Cnooc says
- That will put China in direct competition with Europe for LNG
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China’s pivot away from Covid Zero is poised to boost natural gas demand in the world’s biggest importer, potentially curbing supply to Europe and other Asian nations.
China National Offshore Oil Corp. is now looking to secure more shipments of the super-chilled fuel for next year. The return to the market of one of the nation’s largest liquefied natural gas buyers follows a period of subdued demand, due to virus curbs suppressing economic activity, and may herald a rebound in imports.