The firm is forecasting a surplus of approximately 18 Bcm of LNG contracted to China across 2015-17.
While the Chinese gas market looked set to continue its pace of growth 12 months ago, with an average of over 15 per cent annually during the previous decade, a range of underlying factors – including weaker economic growth and low oil prices – have drastically reduced predictions for growth.
Consequently, Wood Makcenzie predicts China’s national oil companies to slash domestic output growth from some projects by as much as 25 Bcm across 2015-17 compared to previous forecasts.