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Markets & Forecasts

China’s NOCs brace for domestic gas market oversupply in 2020

The country's gas demand growth next year could slip below 10% for the first time since 2016, affecting the outlook for Chinese LNG imports The country's gas demand growth next year could slip below 10% for the first time since 2016, affecting the outlook for Chinese LNG imports.
By Colin Shek 11 November 2019 Asia Pacific / Supply & Demand 0 34774
Construction work on the Power of Siberia pipeline. (Gazprom)

China’s gas market looks set to be oversupplied in the short term, with demand growth next year expected to continue to ease, according to executives at China’s top gas suppliers.

Slowing gas demand growth will weigh on China’s need for additional LNG imports, with requirements having already softened this year. China’s hunger for LNG confounded all forecasts in 2018, but imports have been more subdued this year, rising by 17.8% in the first nine months of 2019 compared with 44.5% for the same...