China's natural gas markets review in 2023 and outlook for 2024
Global natural gas consumption was 3.96 trillion cubic meters,and production reached 4.28 trillion cubic meters in 2023 with quite loose supply and demand fundamentals.International gas prices fell from the high level and the risk from supply chain disturbance.The global natural gas trade pattern continued to adjust deeply,Russia's pipeline gas exports to Europe continued to decline sharply,European LNG imports continued to fall from the high,and Asian LNG imports continued to recover.China's natural gas consumption was 391.7 billion cubic meters,an increment of 24.2 billion cubic meters,increasing by 6.6%year-on-year.Natural gas production was 235.3 billion cubic meters,rose by 5.7%year-on-year,an increment of more than 10 billion cubic meters for seven consecutive years.Natural gas imports were 165.6 billion cubic meters,with a growth rate of 9.5%and foreign dependence of 42.3%,up 1.1 percentage points from the previous year.China's natural gas infrastructure construction and market-oriented reform of natural gas prices have advanced steadily.In 2024,the global natural gas market is expected to keep the fragile balance situation with more market uncertainties and more frequent international gas price fluctuations.China's natural gas market is expected to go better,natural gas demand is expected to grow faster,domestic natural gas production is expected to exceed 10 billion cubic meters again,and the imported gas is expected to increase with a faster rate.
global natural gasChina's natural gasconsumptionproductiontradeinternational gas priceinfrastructure
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