China and India Gas Demand Outlook

Energy sector officials expect China's and India's LNG imports to return to pre-war levels, as the Middle East supply crisis subsides and prices decline. Tensions had led to a halt in some Qatari and Emirati exports through the Strait of Hormuz, causing prices to rise and dampening demand in Asia. Currently, spot gas prices in Asia have risen to around $30 per million British thermal units, compared to $10 before the war, impacting demand, especially in India and industries seeking alternative sources of gas. The forecasts indicate that continued price declines will restore demand, with imports recovering and the global LNG market resuming its recovery.

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