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Russian pipeline gas supplies to Europe up 23% in Q1 — GECF

China’s total gas consumption grew by 10% in February year-on-year to 34 bln cubic meters, according to the report

MOSCOW, April 17. /TASS/. EU countries cut gas consumption in March 2024 by 9% in annual terms amid exceptionally warm weather and the lack of growth of industrial demand. Meanwhile imports of pipeline gas in the EU rose by 4% last month, while overall in Q1 its supplies from Russia to Europe increased by 23%, the Gas Exporting Countries Forum (GECF) reported.

Total gas consumption in the EU slipped by 1.7% in Q1 year-on-year to 113 bln cubic meters.

"In March 2024, gas consumption in the EU witnessed a notable decrease of 9% y-o-y, largely due to an unusually warm winter that lessened the need for heating. Europe has been experiencing exceptionally warm weather, breaking numerous records for high temperatures and, in some places, surpassing records for May. This situation is forecasted to continue into April 2024, setting unprecedented temperature records across the continent. Furthermore, gas consumption in the industrial sector showed no growth, even against a backdrop of falling gas prices," the report said.

In particular, gas demand decreased by 10% in March to 7.4 bln cubic meters in Germany, by 6% to 5.7 bln cubic meters in Italy, by 13% to 3.3 bln cubic meters in France, and by 7% to 2.4 bln cubic meters in Spain. The UK’s gas consumption fell by 12% to 5.9 bln cubic meters in the reporting period.

Imports of pipeline gas to the EU amounted to 14 bln cubic meters in March, up by 12% month-on-month and by 4% year-on-year. Overall, pipeline supplies to the EU added 5% year-to-date to 40 bln cubic meters. The growth was due to an increase in supplies from Russia by 23%, the Gas Exporting Countries Forum said. The shares of gas from Norway and Russia in total volume of pipeline supplies in February amounted to 57% and 18%, respectively.

China’s total gas consumption grew by 10% in February year-on-year to 34 bln cubic meters, according to the report.

LNG supplies to Europe fell by 20% in March year-on-year to 9.14 mln tones due to a decrease in gas demand, full storage facilities and an increase in imports via pipelines. LNG imports by Asian countries added 12% to 24.37 mln tons. Overall in Q1 Europe imported 30.31 mln tons of LNG (down by 13% compared with last year), while Asia imported 73.01 mln tons (up by 9.2%).

Global LNG exports went up by 2.3% in March year-on-year to 36.31 mln tons. Year-to-date global LNG exports gained 3.3% to 107.66 mln tons.

The US, Australia and Qatar were top three suppliers of liquefied gas in February, the GECF said, adding that Russia was the fourth.

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