The recovery follows a slump during the spring, signaling a shift in China’s purchasing strategy. As regional hostilities halt Qatari exports, the global market faces a brutal scramble for remaining cargoes. Asia is currently outbidding European buyers, putting immense pressure on the continent’s already depleted storage sites.

To insulate its energy grid from future geopolitical volatility, state giants PetroChina and Sinopec are pursuing long-term contracts with suppliers outside the Persian Gulf. While these firms intend to honor existing obligations with Qatar, they are aggressively negotiating ten-year supply deals that bypass the vulnerable maritime corridor, aiming to finalize these arrangements before 2030.