Russia Becomes China's Second-Largest LNG Supplier, Doubling Deliveries in November
Russia has become China's second-largest LNG supplier, with deliveries reaching 1.6 million metric tonnes in November, a significant year-over-year increase driven by Novatek's Arctic LNG 2 project. However, China's LNG imports are expected to decline by 16% by 2025, indicating potential shifts in demand. Meanwhile, various energy companies are making significant acquisitions, and geopolitical tensions continue to affect supply chains.
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Russia has become the second-largest LNG supplier to China, with deliveries reaching 1.6 million metric tonnes in November, marking a year-over-year increase. China's LNG imports are projected to decrease by 16% in 2025, totaling 66 million tonnes, down from 78 million tonnes in 2024.
Much of the increased Russian supply is attributed to Novatek's Arctic LNG 2, with prices approximately 10% below the average import price of $9.85 per MMBtu. Meanwhile, Japan's Japex is acquiring Verdad Resources for $1.3 billion, and Glencore is purchasing a majority stake in FincoEnergies.
Harbour Energy is diversifying by buying LLOG Exploration for $3.2 billion. NNPC plans to sell oil blocks in early 2026. The U.S.
Coast Guard has intercepted two Venezuela-bound tankers, raising supply risks. Copper prices reached an all-time high, and Australia plans to require gas producers to allocate a portion for domestic use starting in 2027.
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