Demand for coal and natural gas has exceeded pre-COVID-19 highs with oil not far behind, dealing a setback to hopes the pandemic would spur a faster transition to clean energy from fossil fuels.
Global natural gas shortages, record gas and coal prices, a power crunch in China and a three-year high on oil prices all tell one story - demand for energy has roared back and the world still needs fossil fuels to meet most of those energy needs.
In China, policies to reduce emissions have contributed to the government's decision to ration energy to heavy industry. Chinese utilities are producing below capacity to avoid losing money, not because they cannot produce more. That has left China importing more coal from Indonesia, in turn leaving less for other importers such as India.IEA coal consumption
LNG accounts for just over 10% of the global supply but is more readily traded globally so can be deployed more easily to cover short-term supply crunches.
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