China’s Coal and Gas Boom May Help Ease Global Energy Crisis

(Bloomberg) — Record coal and natural gas extraction and consumption-sapping Covid lockdowns are slashing China’s import demand and helping loosen global fuel markets.

Domestic output is soaring after Beijing pressured state-owned producers to boost activity to ensure energy security after shortages last year and to insulate it from the surge in global commodity prices. Coal imports are down 24% and liquefied natural gas by 11% over the first three months of the year.