China’s Covid Pivot Risks Worsening Global Energy Crunch

CNOOC is looking to secure more shipments of LNG for next year, which follows a period of subdued demand caused by virus curbs suppressing economic activity. Photo: Bloomberg

(Bloomberg) — China’s pivot away from “zero-Covid” is poised to boost natural gas demand in the world’s biggest importer, potentially curbing supply to Europe and other Asian nations.

China National Offshore Oil Corp. (CNOOC) is now looking to secure more shipments of the super-chilled fuel for next year. The return to the market of one of the nation’s largest liquefied natural gas (LNG) buyers follows a period of subdued demand, due to virus curbs suppressing economic activity, and may herald a rebound in imports.