Although the US was the main LNG supplier in the EU, it reduced imports from the US, Qatar and Algeria in 2024 and increased by 18% of imports from Russia
European Union countries spent around € 6.3 billion ($ 6.6 billion) on imports of Russian LNG between January and November 2024, according to the Institute of Economic and Financial Analysis (IEEFA).
According to data released today, IEEFA states that European imports to LNG decreased by 32 billion cubic meters (BCM) or 19% in 2024, with LNG covering 30% of the region’s natural gas demand for the region for the specified year.
The Institute reports that the US was the main LNG supplier in the EU. However, while the EU reduced LNG imports from the US, Qatar and Algeria in 2024, increased imports from Russia by 18%.
Between January and November 2024, IEEFA estimates that EU countries spent € 35.9 billion on LNG imports. Of these: EUR 16.2 billion came from the US, 6.3 billion euros from Russia, € 3.7 billion from Qatar.
Europe increased Russian LNG imports by 12% in 2024, while the EU by 18%, with one third of these quantities involving direct delivery transactions.
France, Spain and Belgium the largest buyers
France, Spain and Belgium represented 85% of European imports of Russian LNG in 2024, with France and the Netherlands increasing their Russian imports by 81%.
Spanish Naturgy has emerged as the largest buyer of Russian LNG.
IEEFA, which in this report defines as Europe’s 27 EU member states plus the United Kingdom, Norway and Turkey, said that gas consumption in Europe decreased by 20% between 2021 and 2024 thanks to the increase in renewable sources energy and policies of reducing demand.
Its data shows that the consumption of gas for the region has remained stable on a yearly basis, while demand is not expected to increase in 2025.
“This means that Europe could potentially replace the loss of Russian gas through pipelines and replenish stocks, while importing lower LNG volumes compared to 2023,” the Institute said.
IEEFA said that the average rate of use of EU LNG import terminals decreased from 58% in 2023 to 42% in 2024.
About 50% of EU LNG terminals operated at a lower rate of 40%, including new floating storage and re -adention units.
The Institute predicts that with the operation of new LNG import terminals and the continuing reduction in gas consumption, Europe’s re -treatment capacity in 2030 will be more than three times higher than the demand LNG that year.
Since Russia’s invasion of Ukraine in February 2022, Europe’s LNG entry capacity has increased by 31%.
Source: Skai
I am Janice Wiggins, and I am an author at News Bulletin 247, and I mostly cover economy news. I have a lot of experience in this field, and I know how to get the information that people need. I am a very reliable source, and I always make sure that my readers can trust me.
