403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Report states sharp increase in Russia`s share of EU LNG market
(MENAFN) A recent report from the Agency for the Cooperation of Energy Regulators (ACER) has revealed that the share of Russian liquefied natural gas (LNG) in the European Union's market has surged to 20% in 2023, up from 14% the previous year. This notable increase comes amidst declining supplies from other major producers, including Qatar, Nigeria, and smaller suppliers. The United States continues to dominate the EU's LNG imports, contributing 45% of the total.
The report highlights a concerning trend for the EU, as both the overall volume of LNG and the bloc's share in the global LNG market have decreased. Currently, the EU accounts for 18% of global LNG imports, a drop from 24% last year. Approximately one-third of all gas imports into the EU are now in the form of LNG, with the remaining supplies delivered through pipelines. Interestingly, Russian pipeline gas supplies have also increased, rising from 7.9 billion cubic meters in the third quarter of 2023 to 8.6 billion cubic meters this year.
These findings underscore the complexities the EU faces in its strategy to reduce reliance on Russian energy supplies. This summer, Brussels imposed a ban on investments in LNG projects in Russia and introduced measures aimed at curtailing the transshipment of Russian gas by third-party nations.
Moreover, Qatar, one of the world's leading natural gas producers, has been reallocating shipments to Asian markets due to escalating security concerns along key shipping routes, particularly through the Red Sea. This shift is partly driven by threats from Yemeni-based Houthi rebels, who have targeted commercial vessels they suspect of having links to Israel, thereby pressuring West Jerusalem to alter its military actions in Gaza.
Overall, the increase in Russian LNG's market share in the EU highlights the ongoing challenges and geopolitical complexities surrounding energy supply dynamics, particularly in the context of the EU's efforts to diversify its energy sources amidst regional tensions.
The report highlights a concerning trend for the EU, as both the overall volume of LNG and the bloc's share in the global LNG market have decreased. Currently, the EU accounts for 18% of global LNG imports, a drop from 24% last year. Approximately one-third of all gas imports into the EU are now in the form of LNG, with the remaining supplies delivered through pipelines. Interestingly, Russian pipeline gas supplies have also increased, rising from 7.9 billion cubic meters in the third quarter of 2023 to 8.6 billion cubic meters this year.
These findings underscore the complexities the EU faces in its strategy to reduce reliance on Russian energy supplies. This summer, Brussels imposed a ban on investments in LNG projects in Russia and introduced measures aimed at curtailing the transshipment of Russian gas by third-party nations.
Moreover, Qatar, one of the world's leading natural gas producers, has been reallocating shipments to Asian markets due to escalating security concerns along key shipping routes, particularly through the Red Sea. This shift is partly driven by threats from Yemeni-based Houthi rebels, who have targeted commercial vessels they suspect of having links to Israel, thereby pressuring West Jerusalem to alter its military actions in Gaza.
Overall, the increase in Russian LNG's market share in the EU highlights the ongoing challenges and geopolitical complexities surrounding energy supply dynamics, particularly in the context of the EU's efforts to diversify its energy sources amidst regional tensions.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment