Bloomberg: China to stop supplying LNG to Europe for heating season

18 октября 2022
Chinese oil and gas state-owned companies will stop reselling U.S. LNG to Europe and Asia. Previously, due to slowing summer demand in China, the surplus gas was sold. But the situation has changed as the cold weather approaches. According to economists Bloomberg, this decision of China will reduce the possibility of the EU to safely pass the winter. Meanwhile, the European Commission is finalizing a package of measures to restart the joint gas purchasing initiative. The EC stipulates that 15% of the countries' storage capacities must be filled with gas purchased through the European central hub. According to Brussels, such a measure would be an adequate response to a situation in which EU members themselves have provoked a rise in blue fuel prices by competing with each other over suppliers.