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Russia surpasses U.S. in LNG exports to China

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Data first quoted by Bloomberg showed that Russia exported more LNG to China in June than the United States did, at 396,000 tons versus 340,000 tons.

Russia’s Sputnik reported that the data, from Chinese customs authorities, Russia LNG imports were 20.7 percent higher than a month earlier, while U.S. imports of LNG were just 2.4 percent higher.

Separately, Natural Gas World reported that China’s liquefied natural gas imports in June were 29 percent higher than a year ago, at 5.79 million tons. January to June imports of LNG were also higher.

The data refutes earlier reports suggesting that China’s LNG imports in June were down 7 percent on the year as the heating season ended, reducing demand.

According to the Oil Price, as China became the largest LNG importer in the world, a battleground surfaced for producers amid tanking prices driven by an oversupply similar in gravity to the oversupply in crude oil markets.

According to Reuters, prices are so low that, at least one state energy giant is looking for long-term LNG import deals. Sinopec wants to contract 1 million tons of liquefied gas for a period of 10 years, starting in 2023, industry sources told Reuters last week.

LNG prices on the spot market are now hovering near all-time lows because of the influx of supply from new projects and the slump in demand caused by the coronavirus pandemic.

Source Oil Price
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