China’s NOCs - PetroChina, Sinopec, and CNOOC – are expected to lower prices for 2024-2025 pipeline gas contracts due to higher domestic production and to compete with falling spot LNG imports, Platts said.

• The prices are being cut amid an ongoing expansion in Chinese downstream gas markets, allowing end users to choose between multiple suppliers.
• Downstream gas prices for 2024-2025 could fall around 12.5% on the year, sources told Platts.
• In addition to price cuts, Chinese NOCs are also maintaining domestic market share by adjusting the volume of pipeline gas contracts offered to second-tier gas companies.
• The volume of gas expected to be offered in 2024-2025 is expected to rise on the year, Platts said.