China's about to become the world's top natural gas importer

Gleb Garanich/Reuters

• China is seeing a big increase in its appetite for natural gas. 
• China has recently caught markets by surprise with its gas usage ahead of winter. 
• The International Energy Agency came out with a report saying China will become the world's top natural gas importer by next year. 

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The Paris-based International Energy Agency (IEA) said in its Gas 2018 annual report on Tuesday that China will become the world’s top natural gas importer, boosted by liquefied natural gas (LNG) imports, by next year. The increase comes as China replaces dirtier burning coal used for power generation with cleaner burning natural gas. Per government mandate, gas must make up around 10 percent of the country’s power generation energy mix by 2020, with further earmarks by 2030.

According to the IEA report, Chinese demand for natural gas will rise by almost 60 percent between 2017 and 2023 to 376 billion cubic meters (bcm). This includes a rise in its LNG imports to 93 bcm by 2023 from 51 bcm in 2017. Global LNG imports will rise to 505 bcm by 2023 from 391 bcm in 2017, an increase of some 114 bcm.

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