Does Australia sell gas to China?

Key points: Australia's LNG sales to China reached a record 30.7 million tonnes worth $15.6 billion last financial year.

Does China buy gas from Australia?

Australia was still China's largest natural gas supplier, sending 31,343 million mt of LNG in 2021, which accounted for 39.3% of the country's total LNG imports, down from 43.3% in 2020, calculations showed.

Where does Australia export gas to?

In 2021, Australian LNG exports were valued at A$49.1 billion, or more than 10% of Australia's total export revenues. Historically, more than 99% of Australian LNG has been exported to Asia, mainly China, Japan and South Korea. Most of these LNG exports are locked into inflexible long-term contracts.

Who does China buy gas from?

In 2020, Russia exported 17.2 bcm of LNG to Europe, and China imported 94 bcm (including 6.9 bcm from Russia), of which almost 40 bcm were spot purchases (as opposed to sales under term contracts).

What does Australia supply to China?

Iron ore, gas and coal make up the bulk of Australian exports to China (more than AUD 79 billion), but Australian service industries – led by education and tourism – are a growing part of the trade relationship.

Why China

Does China rely on Australia?

Australia is China's sixth largest trading partner; it is China's fifth biggest supplier of imports and its tenth biggest customer for exports. Twenty-five per cent of Australia's manufactured imports come from China; 13% of its exports are thermal coal to China. A two-way investment relationship is also developing.

What is Australia's biggest trade with China?

Australia-China In 2020, Australia exported $102B to China . The main products that Australia exported to China were Iron Ore ($63.9B), Petroleum Gas ($9.55B), and Coal Briquettes ($6.34B).

Where does China get its oil and gas?

The top 5 exporters (Saudi Arabia, Russia, Iraq, Angola, Brazil) provided well over half (58%) of China's crude oil imports in 2020. Approaching half (47.1%) of Chinese imported crude oil originated from nine Middle Eastern nations ranging from $28.1 billion provided by Saudi Arabia to $421.6 million from Egypt.

Does China import gasoline?

China's natural gas imports were 7.985 million tonnes last month, data showed, the lowest since October of 2020 according to Reuters record of customs data.

Does China have its own natural gas?

Gas Reserves in China

China holds 184 trillion cubic feet (Tcf) of proven gas reserves as of 2017, ranking 10th in the world and accounting for about 3% of the world's total natural gas reserves of 6,923 Tcf. China has proven reserves equivalent to 21.9 times its annual consumption.

Does Australia export LNG to China?

Australia exported a record 30.7 Mt to China, worth an estimated A$15.6 billion. The previous record was 28.6 Mt in FY 2020. Deliveries from Australia increased by 7.3%, notwithstanding trade tensions. China has now overtaken Japan as Australia's largest LNG customer (Figure 1).

Does Australia produce its own gas?

Western Australia is the country's largest producer of gas, accounting for about 60% of Australia's gas production.

Who buys Australian LNG?

Australian LNG export revenues rise

China overtook Japan as the number one buyer of Australian LNG, importing 31.6 million tonnes of LNG from Australia, compared to 27.3 million tonnes bought by Japan.

Where does China import energy from?

In 2019, China, the largest natural gas importer in the world, imported 4.6 Tcf, 7% higher than 2018 levels. LNG imports account for 62% of the total, and pipeline imports, mostly from Turkmenistan, account for 38% (Figure 5). China surpassed South Korea and became the second-largest LNG importer after Japan in 2017.

How much gas does Australia import?

During the financial year 2021, the amount of liquefied petroleum gas imported to Australia was around 755.9 megaliters. This marked an increase in the amount of liquefied petroleum gas imported to Australia compared to the previous financial year.

Why does China want more gas?

China has been hit by widespread power cuts that have closed or partly shut factories, hitting production and global supply chains. Beijing is seeking to secure supplies of gas and coal for its power stations, which still provide more than 50% of the country's electricity generation.

Who is the largest exporter of natural gas?

The United States is now the world's leading exporter of liquified natural gas as Europe's energy crisis and shortages in China send demand for American shipments soaring.

Does Australia have oil?

Over half of Australia's remaining identified crude oil resources are located in the Northern Carnarvon and Roebuck basins. About one quarter of Australia's crude oil reserves are located in the Cooper Basin, while approximately one quarter of remaining contingent resources are located in the Gippsland Basin.

Do we sell oil to China?

U.S. Exports to China of Crude Oil and Petroleum Products (Thousand Barrels)

Where does Australia get its oil?

Despite this, Australia is a net importer of crude oil. The crude oil refined within the country is generally imported from Asia, Africa, and the Middle East, and make up most of the oil processed in its refineries.

What would happen if China stopped trading with Australia?

“First, it would mean too big a disruption to the Chinese economy.” Iron ore imports from Australia are worth $85 billion annually, and so far, the agricultural imports hit by China's tariffs and bans are worth just $6 billion, he said. “China would not be able to make up its iron ore needs from other sources.”

Can China survive without Australia?

Australia has shown the world it can say no to China and still prosper despite trade sanctions and a forced economic decoupling. It may not be long until more countries start to follow.

What would happen if we stopped trading with China?

Cutting China off from the U.S. would cost America hundreds of billions of dollars, report says. Expanding U.S. tariffs of 25% to all trade with China could cost the U.S. $190 billion a year in GDP, according to a report released Wednesday by the U.S. Chamber of Commerce and Rhodium Group.