All news

Russian pipeline gas supplies to Europe surging in 2M 2024 — GECF

Pipeline gas imports by the EU amounted to 12.4% in February 2024

MOSCOW, March 18. /TASS/. Member-nations of the European Union (EU) reduced gas consumption by 8% year on year amid the relatively warm weather in February 2024, the Gas Exporting Countries Forum (GECF) said in its report.

Imports of pipeline gas by the European Union gained 5% in February 2024. Deliveries of Russian pipeline gas surged by 25% in January - February of this year.

"In February 2024, following a double-digit growth in January, EU gas demand experienced a significant decline of 8%, primarily driven by warmer-than-usual winter, which reduced heating requirements in the residential sector. Additionally, there was a noticeable stagnation in gas consumption within the industrial sector, which occurred despite a downward trend in gas prices. Moreover, high wind and hydroelectric power output significantly influenced the reduction in gas consumption within the power generation sector," the Forum said.

Pipeline gas imports by the EU amounted to 12.4% in February 2024. Overall, pipeline supplies to the EU edged up by 6% in January - February 2024 to 25.7 bln cubic meters. The increase in supplies from Russia by 25% and greater imports from Norway and Azerbaijan were the main growth drivers, GECF informed. The share of Norwegian gas in pipeline supplies to the EU amounted to 58% in February, while Russian gas accounts for 18%.

Liquefied natural gas (LNG) supplies to Europe lost 12% in February and totaled 10 mln metric tons. The decline in LNG imports was driven by the declining gas demand and a significant premium to the spot LNG price in the Asia-Pacific Region against Europe. LNG imports by Asian countries surged by 4.7% to 22.5 mln metric tons. Europe imported 21.08 mln metric tons of LNG in January - February 2024 (down 10% year on year), while Asia imported 48.79 mln metric tons, up 8.4%.

Global LNG exports moved up by 1% in February to 33.95 mln metric tons and by 4% from the year start to 71.45 mln metric tons.