China’s LNG demand is set to grow by 14% in 2019 according to Beijing Gas group. The rising gas demand is a result of China’s ongoing policy to move households and industry from coal to gas, as well as economic stimulus that includes a value-added tax cut from April 1 and which is aimed at supporting industry growth. China boosted imports 41% in 2018 to 54 million tonnes. That followed growth of almost 50% in 2017.
Yet even China’s booming consumption may not soak up a large glut of LNG that has emerged across Asia and dragged spot prices for the fuel down by 60% since mid-2018, to below $5 per mmBtu. While demand growth outpaced supply between 2016 and 2019, new production - mostly from the US, Australia and Russia - is expected to exceed consumption increases this year by more than 2%, according to industry data.
Source:Reuters
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