China’s Oil and Gas Use Fell in 2022 for First Time in Decades - The New York Times

China’s Oil and Gas Use Fell in 2022 for First Time in Decades

The energy organization projects that global gas demand will increase by 0.4 percent this year. China’s interrogate is expected to grow by 6.5 percent.

“With the Chinese economy now recovering, it will have major implications for oil and gas market balances,” Mr. Birol said.

Even as Chinese consumption has expanded in current years, its domestic oil and gas production have not kept pace despite attempts to explore and produce more of both. China stays highly dependent on coal, but it is trying to replace much of its coal burning with gas to proceed the air quality in the country’s urban areas. It is also pushing for the adoption of electric cars and is a mainly producer of the batteries necessary for electrification of transportation and renewable power.

Mr. Birol said the strength of China’s rebound from its Covid-19 lockdowns this year would be a key determinant of global interrogate and prices. There remains a high degree of uncertainty because a recession in the Joined States and Europe could reduce demand.

But there are also questions on the energy supply side, Mr. Birol distinguished, with Russian energy production in doubt and only a frankly increase in new liquefied natural gas export terminals to be built this year by producers like the Joined States, Australia and Qatar.

“China is the key uncertainty when it comes to 2023 global energy markets,” Mr. Birol said, adding that “how the country’s economy will effect will have massive implications for global energy markets.”

Mr. Birol said Russia could expect greater energy challenges as it melancholy on with its invasion of Ukraine. While Russia seeks to redirect its energy exports, its oil and gas fields are beginning to suffer from a lack of attention by Western service worries that have left the country, he said.

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SRC: https://www.nytimes.com/2023/01/27/business/energy-environment/china-energy.html