GLNG: China’s LNG imports forecast to rebound after plunging 20% in 2022

China’s liquefied natural gas (LNG) imports are projected to recover in 2023 to between 70mn and 72mn tonnes, marking a 9% to 14% rise from 2022, analysts at Rystad Energy, Wood Mackenzie and ICIS told Reuters.

In 2022, LNG imports to China fell 20% year on year to 64.4mn tonnes as strict Covid lockdowns combined with increased use of natural gas from domestic production and pipeline sources dinted the country’s appetite. LNG imports also took a hit from the fact that landed prices of LNG averaged $15 per million British thermal units (mmBtu) in the first half of 2022, which was almost twice as high as the average landed prices over this period in 2021.