China and Serbia Impose Ban on Liquefied Gas Exports from These Countries

China's regulator has called on the country's major state-owned companies to cease the resale of liquefied natural gas (LNG) in Europe, as well as to buyers in other Asian countries, Bloomberg reports citing sources.

The National Development and Reform Commission, the country's main economic body, has ordered PetroChina Co., Sinopec, and Cnooc Ltd. to keep winter supplies for domestic use, the sources informed the agency.

State companies and the regulatory body have not commented on this information to the agency.

Bloomberg notes that China has large purchasing contracts for liquefied gas with exporters such as the U.S., and this year domestic traders redirected some of those supplies to Europe due to low internal demand.

According to the agency, China's actions could lead to a reduction in liquefied gas supplies to Europe, exacerbating the energy crisis there in case of a cold winter.

Additionally, the government of Serbia has also decided to temporarily ban natural gas exports, as reported by РИА Новости, referencing the country's cabinet press service.