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« on: September 03, 2023, 02:29:41 am »
Seen from this historical point of view, it is quite extraordinary that anyone in Washington considers thatThe US could use the war to "undermine [Russia's] status as a major energy supplier," according to a Biden administration official's statement on May 8. Conditions in world gas markets before the invasion complicate the potential consequences of that goal. And China plays a fundamental role.
Between 2010 and 2020, China's demand for gas grew 300%, accelerating at the end of the decade, when the Ministry of Ecology and Phone Number Listy took steps to switch household heating from coal to gas. Throughout the 2010s, China's domestic production relative to its consumption declined dramatically, to the point that, by 2021, imports accounted for well over 40% of total consumption. In 2021, China's demand for liquefied natural gas ( lng) rose a staggering 19% as the structural shift towards gas was reinforced by the post-pandemic economic recovery.
During 2021, China replaced Japan as the world's largest importer of LNG , although imports from Beijing through the Siberian Force pipeline also increased. For other gas-importing countries in Asia and Europe, this was a huge energy shock of a magnitude more than comparable to previous oil crises. In December 2021, EU natural gas futures were 18 times higher than in January 2020. However, the key fact of Beijing's energy strategy is its willingness to ensure the diversification of supply sources. Gas is no exception. When Putin and Xi Jinping met in Beijing just before the invasion of Ukraine, they agreed that China would import an additional 10 billion cubic meters via pipelines.
Between 2010 and 2020, China's demand for gas grew 300%, accelerating at the end of the decade, when the Ministry of Ecology and Phone Number Listy took steps to switch household heating from coal to gas. Throughout the 2010s, China's domestic production relative to its consumption declined dramatically, to the point that, by 2021, imports accounted for well over 40% of total consumption. In 2021, China's demand for liquefied natural gas ( lng) rose a staggering 19% as the structural shift towards gas was reinforced by the post-pandemic economic recovery.
During 2021, China replaced Japan as the world's largest importer of LNG , although imports from Beijing through the Siberian Force pipeline also increased. For other gas-importing countries in Asia and Europe, this was a huge energy shock of a magnitude more than comparable to previous oil crises. In December 2021, EU natural gas futures were 18 times higher than in January 2020. However, the key fact of Beijing's energy strategy is its willingness to ensure the diversification of supply sources. Gas is no exception. When Putin and Xi Jinping met in Beijing just before the invasion of Ukraine, they agreed that China would import an additional 10 billion cubic meters via pipelines.