China surpasses expectations with record Russian LNG imports

China has dramatically increased its purchases of Russian liquefied natural gas (LNG) since the end of last year, with official figures far exceeding market expectations.

Customs data showed that China imported 1.9 million tonnes of Russian LNG in December alone – more than double the 850,000 tonnes previously estimated by vessel-tracking data, Caliber.Az reports via foreign media.

November’s figures were also around 90% higher than estimates based on shipping movements.

Analysts say the discrepancy suggests Chinese demand over the past two months has far outstripped market expectations following roughly a year of declining imports.

Some experts also point to Russia’s use of so-called “shadow fleet” tankers, which obscure their location, as a possible reason for the divergence between shipping data and official customs figures.

Tracking individual LNG tankers has become a key method for assessing global gas flows over the past decade. While minor differences between customs statistics and shipping data are common, gaps as large as those seen in China’s imports of Russian gas are rare.

Some analysts have suggested that the discrepancies may reflect the delivery of US-sanctioned cargoes that are misreporting their destinations.

In total, China imported 9.8 million tonnes of Russian LNG last year, marking a historical high. However, overall LNG imports fell by 11% as weak demand, rising inventories, and strong pipeline deliveries weighed on volumes.

By Aghakazim Guliyev