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PetroChina has decided to maintain its contract prices for natural gas this year to shield industrial consumers from rising global energy prices caused by the Middle East conflict. This approach aims to support long-term growth in China's gas industry, as the country has higher-than-usual inventories.

Despite the halt of Qatari LNG, which constitutes 6% of China's consumption, spot LNG prices have risen but remain contained due to cheaper onshore gas and coal. Domestic gas production is expected to ramp up as oil demand stabilizes, aiding resilience against geopolitical disruptions.