A coal-fired power station in Beijing
China’s gas strength has doubts longer term
The fuel will continue to displace coal in the coming years, but after 2030 the pace of gas growth may slow
Gas demand growth in China is expected to decelerate in the second half of the year, as a slowing economy that Beijing is struggling to stimulate starts to weigh on consumption. But the near-term outlook for the cleanest-burning fossil fuel remains upbeat, as authorities accelerate decarbonisation over the next five years. Chinese gas consumption is expected to rise by 6.5–7.7% year-on-year to reach 420–425bcm in 2024, according to an annual gas industry development report recently released by the National Energy Administration (NEA). Demand expanded by 8.7% in H1, to 210.8bcm, which implies a lower growth rate for H2 based on the full-year forecast. Consumption in H2 could reach 209.2–214.2
Also in this section
6 December 2024
The NOCs are both looking to take advantage of the petrochemicals boom, with the Saudi firm snapping up stakes in Asian JVs tied to offtake agreements and its Emirati counterpart striking big M&A deals
5 December 2024
While Donald Trump’s future sanctions policy is anything but certain, he may use a ‘carrot and stick’ approach to pursue an end to the war in Ukraine, although any changes will not happen overnight
5 December 2024
The latest sanctions on Gazprombank and other Russian banks may cause disruption, but willing buyers of Russian energy will find ways to continue payments
5 December 2024
The new edition of Outlook, our annual publication about the year ahead for energy, produced in association with White & Case, is available now
