China’s COVID lockdowns spell relief for Europe’s energy security worries

China’s President Xi Jinping has some good news for Europe — his country's draconian zero-COVID policies aren't likely to be dropped. That's a relief for European buyers of liquefied natural gas, as China's economic slowdown has freed up LNG cargos crucial to replacing the Russian gas that used to supply about 40 percent of European demand. “Regardless of what you think about the Chinese zero-COVID policy, simply looking at it only from the perspective of European gas supplies, it would be very helpful if China continued this policy,” said Dennis Hesseling, head of gas at the EU’s energy regulator agency ACER.