Global primary energy demand is set to rise from 308 million barrels of oil equivalent (mboe/d) in 2024 to 378 mboe/d in 2050.

According to Pei Zhaoyu, the chief engineer of China’s Chang’e-8 mission, China and Russia are planning to build a nuclear power plant on the Moon to power the International Lunar Research Station (ILRS), a project they are developing together starting with the Chang’e-8 mission.

China National Nuclear Corporation (CNNC) broke ground for the project on 12 July 2024.

Gazprom launched supplies via the Power of Siberia pipeline in 2019 under a long-term agreement between Gazprom and China National Petroleum Corporation (CNPC), and supplies have been exceeding annual contractual obligations every year since 2020.

With prices linked to Henry Hub, market sources suggested that the cargoes are likely coming from the US. This is likely the first US LNG SPA signed by a Chinese company since the announcement of China's tariffs on US LNG.

Since 2019 China’s energy system seems to be undergoing significant shifts.

Russia currently delivers gas to China via the Power of Siberia 1 pipeline, which is part of a US$400 billion, 30-year agreement between Gazprom and China’s CNPC which was signed in 2014.

Overall delivery of US LNG shipments in the first quarter of 2025 fell by 70%, according to Chinese official custom data released on Sunday.

On April 10, the US Department of the Treasury sanctioned nearly 30 oil tankers involved in shipping Iranian crudes, as well as a Chinese storage terminal.

As of end- 2024, coal-fired power represented 37% of China’s installed capacity but 60% of its power generation.