In The News

China Halts Natural Gas Sales To Fuel-Starved Europe Ahead Of Winter

The Chinese government told state-owned oil and gas companies to stop selling liquified natural gas (LNG) to an energy-deprived Europe in order to stockpile domestic fuel supplies in time for winter, according to Bloomberg.

The National Development and Reform Commission, China’s chief economic management agency, has requested that PetroChina, Sinopec and China National Offshore Oil Corporation (CNOOC) save winter gas supplies for domestic use, the outlet reported, citing people familiar with the matter. The decision could deepen Europe’s energy crisis as the continent continues to face extreme natural gas shortages, spurring governments to encourage electricity rationing as household electricity prices continue to soar.

Europe’s fuel shortages have been exacerbated by Russia as the nation repeatedly cut off natural gas supplies via the Nord Stream 1 pipeline in response to European sanctions following Moscow’s invasion of Ukraine. The European Union agreed to tax energy companies’ windfall profits to help citizens pay utility bills and is set to propose a last-resort “dynamic” price cap for gas as well as mandatory limits on how gas prices can change in a single day, according to Reuters.

China became an important exporter of LNG after global supplies became disrupted by the war in Ukraine. The nation’s strict COVID-19 policies left suppliers with excess natural gas due to low domestic fuel demand, according to Business Insider. More than four million tons of Chinese LNG, or roughly 7% of Europe’s imports in the first half of 2022, were estimated to be resold in August, according to Nikkei Asia.

Chinese President Xi Jinping said Sunday that China must continue to use fossil fuels to ensure its energy security during a speech, according to Bloomberg.

The commission did not immediately respond to the Daily Caller News Foundation’s request for comment.

Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.

Jack McEvoy

Share
Published by
Jack McEvoy

Recent Posts

Master of Puppets

If you think Biden is the only puppet Obama controls, you have another thing coming.

43 mins ago

Lyin’ Eyes

Pretty sure it's not our eyes that are lying...

43 mins ago

Straighten Up and Fly Right!

As you read, are you wearing your shoes? Is your sink shiny? Can you walk…

43 mins ago

Majority Of Hispanics Favor Deporting ‘All’ Illegal Immigrants: POLL

An outright majority of Hispanic Americans are in favor of a mass deportation plan for…

7 hours ago

Why Policymakers Should Reject The IEA’s Silly Peak Oil Notions

In a statement published on the OPEC website Thursday, Secretary General Haitham Al Ghais said…

8 hours ago

Foreign-Born Workers Are Taking Americans’ Jobs

Something very strange is going on in America’s labor market. The employer’s survey in the…

8 hours ago