China's energy imports present a mixed picture, with coal and LNG purchases surging while crude oil imports decline, reflecting economic challenges and strategic stockpiling.
Chinese imports of key energy commodities have been a mixed bag of ups and downs this year, with weakness in crude oil purchases spooking investors and markets concerned about China ’s underwhelming economic growth . In contrast, coal imports have trended higher and are now expected to reach a record high in 2024 compared to earlier forecasts of flat or minuscule growth. LNG purchases have also increased this year, mostly due to the lower spot prices in Asia compared to year-ago levels.
However, weaker domestic coal output earlier this year and the need to avoid power shortages in peak summer likely contributed a lot to the higher coal import levels. While coal and LNG imports are rising, crude oil purchases in China have faltered this year, and the world’s top crude importer has likely boosted stockpiles even amid lower import volumes—a sign that apparent immediate oil demand is weak.
Energy Imports Coal LNG Crude Oil Economic Growth Oil Demand Stockpiles Power Demand OPEC
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