Russian gas exports to China have updated the historical maximum

According to the Chinese customs, in May 2023, the total volume of Russian natural gas supplies (including pipelines and liquefied gas) reached a historic high and exceeded 3.09 billion cubic meters for the first time. This record was the result of an increase in gas exports from Russia to China, which contributed to the growth of the global energy market.

Gazprom has made a significant contribution to the total volume of supplies by sending almost 2 billion cubic meters of gas via the Power of Siberia highway, as well as delivering another 1.1 billion cubic meters of gas in liquefied form (which is about 13 LNG shipments). Large-tonnage LNG in Russia is produced by Sakhalin Energy and Yamal LNG plants.

In terms of supplies in May, Russia also became the largest supplier of gas to China, ahead of Australia (2.8 billion cubic meters) and Turkmenistan (2.7 billion cubic meters). In general, China imported 13.51 billion cubic meters of natural gas in May, which is a historical maximum for this month. This increase in supplies is associated with the capabilities of sellers in Central Asia and the increase in China's economic activity after the lifting of restrictions.

Russia ranked third in terms of LNG supplies to China, second only to Australia and Qatar. However, compared to the previous year, Russian LNG supplies to China increased by 65%.

Despite the significant volume of supplies, LNG re-exports from China remained low, accounting for less than 0.5% of total imports in May. This indicates that most of the supplied gas remained in the country and was used to meet domestic demand.