China’s LNG demand is expected to decline by 5% this year, totaling 73 million tons, making Japan the largest importer. Imports have been falling for 13 consecutive months, with November’s 5.81 million tons being 5.5% lower than last year.

Previously the fastest-growing market, China’s LNG demand shifted due to price surges from Russia’s invasion of Ukraine. Forecasts have been revised multiple times, with BNEF originally predicting 100 million tons for 2025.

Russia’s Power of Siberia pipeline and increased domestic production have also impacted China’s LNG consumption. The pipeline’s expansion deal with Russia aims to double capacity, while China’s efforts to boost domestic production have seen record highs this year.

Read more at Yahoo Finance: China’s LNG Slowdown Is Set to Reshape the Global Gas Trade