China Slashes LNG Purchases on High Prices and Pandemic Slowdown

(Bloomberg) — China is slashing liquefied natural gas purchases as soaring global prices deepen import losses and pandemic lockdowns throttle domestic demand.

Imports in the first quarter fell 14% from the same period last year, according to shipping data, and private companies are spurning offers to use once-highly coveted slots at state-owned receiving terminals. Consultancy Wood Mackenzie Ltd. said it recently revised down its gas demand forecast for the country through 2026 due to economic pressures and high prices.