China could miss natural gas target if prices not cut, research head says

China could miss its target for natural gas to account for more than 10% of the country’s energy mix by decade’s end if prices are not cut faster, South China Morning Post reported, citing Shan Weiguo, gas market research head at the economics and technology research institute of China National Petroleum Corp. Prices kept above those in global markets have led to an oversupply in China’s domestic market, Shan said, with state-backed energy firms raising output while also being obligated to import gas via pipelines and sea lanes. (For more on China’s natural gas industry, see our in-depth report.)