Russia's LNG Exports to China Surge 143% in November, Displacing Australia Amid Sanctions
In November, Russia's LNG shipments to China soared by 142.6%, making it a top supplier. The surge, fueled by the sanctioned Arctic LNG 2 project, saw Australia's market share decline, highlighting a major shift in global energy flows.
Russia's liquefied natural gas (LNG) shipments to China skyrocketed last month, cementing Moscow's role as a top energy supplier to the world’s second-largest economy and underscoring the deepening economic ties between the two nations in the face of Western sanctions.
A Stark Reversal in Trade Flows
According to the latest Chinese customs data, imports of LNG from Russia surged by a staggering 142.6% year-on-year in November, reaching 1.6 million tonnes. This propelled Russia to become one of China's top two suppliers, alongside Qatar. Russian LNG accounted for 23.5% of China's total shipments, more than doubling its 11% share from a year prior.
Meanwhile, Australia, previously the top supplier, saw its shipments slide. Australian LNG exports to China fell by 33.6% by volume in November. This decline left Australia with just 21.1% of China's LNG imports—a sharp retreat from its 36% market share a year ago.
The Sanctioned Source
According to Xu Tianchen, senior economist at the Economist Intelligence Unit, "the changes are very much a supply-side story." He attributed the surge to the resumption of production at the Arctic LNG 2 project on the Gydan Peninsula, which reportedly directs its entire output to China.
It’s also an indication of China defying Western sanctions against Russian oil trade.
This content is AI-generated based on source articles. While we strive for accuracy, errors may occur. We recommend verifying with the original source.
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