The modest growth in Chinese gas production seen at the start of the year looks likely to continue.
China’s gas output rose to around 12 bcm in February. Total output in Q1 is estimated to be around 37.5 bcm, up 2% year on year. Although output is likely to increase over the coming months, a government target for production to reach 197 bcm this year looks increasingly unlikely to be achieved. This will lead to a growing supply/demand gap in the country as the gas market expands and increasing volumes of LNG are imported. Gas production is anticipated to increase by roughly 4% year on year in H1, to around 70 bcm.
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