IEA: China to Become World's Largest Natural Gas Importer

On July 19, the International Energy Agency (IEA) and the Shanghai Oil and Gas Trading Center held a press conference in Shanghai to release the Natural Gas Market Report 2018 (GAS2018) (hereinafter referred to as the “Report”). According to the report, China was expected to contribute 37% of global natural gas consumption growth from 2017 to 2023, higher than any other country; in 2019, it would become the world's largest natural gas importer, and the import volume will reach 171bcm by 2023. Most of them are liquefied natural gas (LNG). According to the report, global LNG imports would increase from 391bcm in 2017 to 505bcm in 2023, up 114bcm, including China's growth of 42bcm. Global LNG exports would increase by 30%, the US would become the world's second largest LNG supplier, and therefore, the US LNG exports in 2017 were almost negligible.