OIES Podcast – The geopolitics of energy and China episode 2: China’s gas dream is not over, but will Russia be part of it?

In this podcast Michal Meidan talks with Neil Beveridge and Sergey Vakulenko about the role of gas in China’s energy mix and Russia’s evolving energy ties with China.

Beveridge begins with a discussion of the weakness in China’s gas consumption in 2022 and the extent to which it will shape the future trajectory. He outlines the reasons for optimism around China’s gas demand outlook and the different sources of supply: the potential for domestic production and how buyers choose between pipeline gas and LNG. Michal and Neil also discuss the recent changes to China’s gas pricing mechanism and the role of geopolitics and commercial considerations in contracting. Vakulenko then discusses Russia’s weakness in its energy relations with China, but also why Beijing might be holding off on another large pipeline deal with Moscow. Sergey and Michal then talk about changes in the broader energy relations, how Russia and China are developing ways to evade sanctions and the rise of the petroyuan.

This podcast is the second in a series on China and the geopolitics of energy. Neil Beveridge’s contribution “Is China’s gas dream over?” and Sergey Vakulenko’s article entitled “Marriage of inconvenience – How the war in Ukraine is tying Russia to the Chinese market” are available in the Oxford Energy Forum Issue 137 on our website.


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