LNG
Chinese Premier Li Qiang’s annual work report at the country’s top political meetings of the year, called the Two Sessions, is neutral for LNG prices, Platts said.
- This follows steady GDP growth target, a focus on domestic consumption and mounting global uncertainties, Platts said. China set an annual growth target of around 5%, unchanged from 2024.
- Over one third of China’s natgas demand comes from the industrial sector but focus on domestic consumption will not provide a big boost for gas demand or LNG imports, Platts said.
- Platts forecasts China’s natgas demand growth slowing to 7% while annual LNG import growth slowing to 2m mtpa from 5.5m mtpa.
- Domestic gas production is hitting record higher, while Russian pipeline gas imports are reaching full capacity. Uncertainty around tariffs posed more near-term challenges for LNG imports.
- Beijing’s focus on clean energy as a strategic priority will also help buoy the gas outlook.
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