China achieved record-breaking crude oil and natural gas production in 2023, with unconventional gas contributing significantly to the overall figures.
Despite fluctuations in demand and some disappointment among analysts, both domestic production and imports of energy commodities reached historic highs.
While Chinese oil demand growth may slow in the future, its natural gas demand growth is likely to remain robust as it increases the use of natural gas in power generation
Record temperatures in Europe and North America extended the gas storage refill season, leading to high inventories.
Natural gas demand decreased due to warmer weather, an industrial slowdown in Europe, and record U.S. production and LNG exports.
Futures and options market winter premiums have diminished, contributing to a drop in Europe’s natural gas prices and bearish trends in the U.S. and Asian markets.
The Organization of the Petroleum Exporting Countries (OPEC) said global oil demand should grow by 2.2 million barrels per day next year to an average of 104.36 mbd.
BP has brought on stream the Seagull oil and gas field in the UK North Sea.
Russwurm also noted that many businesses impacted by the gas supply cutoff would be forced to halt production, and some may never be able to start again