Relatively little new LNG is coming to the market while China’s consumption will rise. Read more at straitstimes.com.
BERLIN - International Energy Agency head Fatih Birol has warned of possible energy shortages next winter as relatively little new liquefied natural gas is coming to the market while China’s consumption is set to rise this year.
But they also got lucky, he said, with a mild winter dampening demand while economic weakness in China led to the first drop in consumption there for 40 years. An additional 23 billion cubic metres of LNG is expected this year, he said, adding that even with only a small increase in economic output as pandemic restrictions ease, China would likely swallow 80 per cent of the extra gas.
Households and firms therefore need to continue efforts to reduce gas usage while renewable energy output needs to expand faster, he said.
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