China LNG demand falls as supply rises
The ABC has reported today that China has revised its forecast for gas demand downwards just as gas supply is about to surge - which could spell trouble for big gas producers.
The National Development and Reform Commission - China's powerful economic planning and management agency - recently downgraded its forecast for future gas demand by 15%.
Meanwhile, the US and Russia are both poised to enter the already crowded gas export market. Russia in particular is looking to shore up its gas market under the cloud of its current poor relationship with Western Europe, and Gazprom has recently one contracts for two gas pipelines between Siberia and China, says the report.
Australia is forecast to expand its current exports of LNG from 23 mpta to more than 80 mpta by 2020, thereby surpassing Qatar as the world's largest LNG exporter. But analysts have warned against new Australian LNG projects that do not already have long-term contracts to back their construction, with spot prices now well below existing long-term contracted prices.
These changes represent a concerning situation for Australian LNG producers, which have already made a $200 billion investment in LNG export projects.
Source: ABC News
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