The Rising Influence of Rising Affluence

[DewDiligence]

RDS trying to reroute LNG originally destined for China:

https://www.wsj.com/articles/shell-sees-coronavirus-eroding-chinese-natural-gas-demand-11582211167

Royal Dutch Shell, the global leader in liquefied natural gas sales, said Thursday that coronavirus was hurting demand…and prompting it to reschedule or locate new buyers for cargoes previously allocated to the Chinese market.

…China—one of the top three global importers of LNG—had been expected to absorb up to six million tons, or around one-third of the additional supplies in 2020 before the outbreak of the virus.

…Earlier this month, China National Offshore Oil Corp., which buys about 40% of China’s LNG, declared force majeure on cargoes supplied by Total, BP PLC and Shell…