China continues to update gas import highs

In June, China set new record levels for natural gas imports. Deliveries through gas pipelines have reached a historical maximum, and the import of liquefied natural gas (LNG) has reached the maximum values for June. 

The total volume of imported gas in June 2023 amounted to 13.4 billion cubic meters, which is 19% more than in the same period last year. This was a record value for this month.

Analysts called China's growing economy in 2023 one of the main factors of such dynamics of the global energy market. Gas imports through pipelines are determined not only by the needs of China, but also by the capabilities of suppliers from Central Asia, especially after the end of the heating season.

The last record for pipeline gas supplies was set in May 2023 (5.762 billion cubic meters. m), but in June this figure was exceeded (5,785 billion cubic meters). Russia increased exports via the Power of Siberia gas pipeline, supplying 1.9 billion cubic meters of gas. Turkmenistan and other countries have also contributed to the total.

As for LNG, imports to China in June 2023 increased by 24% compared to last year, amounting to 7.6 billion cubic meters. In June, China surpassed Japan in terms of LNG imports for the third time in a row. The main LNG suppliers to China are Australia, Qatar and Russia. Deliveries from Russia increased by 43% compared to last year.

It is important to note that the share of LNG re-exports from China is about 1% of total imports, while in winter this figure reaches 3-4%.