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Russian pipeline gas supplies to Europe up 3.1 bcm year-to-date — GECF

Total gas consumption in the EU lost 4.5% in January-July year-on-year to 180 bln cubic meters

MOSCOW, August 15. /TASS/. EU countries cut gas consumption in July 2024 by 7% in annual terms amid gas demand reduction measures and high output from hydro, nuclear and solar power generation. Meanwhile imports of pipeline gas in the EU rose by 2% last month, while overall its supplies from Russia to Europe increased by 3.1 bln cubic meters year-to-date, the Gas Exporting Countries Forum (GECF) reported.

Total gas consumption in the EU lost 4.5% in January-July year-on-year to 180 bln cubic meters.

"In July 2024, gas consumption in the EU recorded a y-o-y decrease of 7%, which was mainly driven by the continuous implementation of the gas demand reduction measures and higher hydro, nuclear and solar output in the power generation sector. In the industrial sector, gas consumption showed a recovery in major industrialized European countries, boosted by the fall in gas prices," the report said.

In particular, gas demand increased by 3.9% in July to 3.5 bln cubic meters in Germany, decreased by 5.5% to 4.2 bln cubic meters in Italy, by 6.7% to 1.3 bln cubic meters in France, by 9.7% to 2.1 bln cubic meters in Spain, and by 1.2% to 2.7 bln cubic meters in the UK.

Imports of pipeline gas to the EU amounted to 13.3 bln cubic meters in July, up by 2% month-on-month and flat year-on-year. Overall, pipeline supplies to the EU added 5% in January-July 2024 to 93 bln cubic meters. The growth was due to an increase in supplies from Russia by 3.1 bln cubic meters, as well as from Azerbaijan and Norway, the Gas Exporting Countries Forum said.

China’s apparent gas demand grew by 6% in June year-on-year to 36.4 bln cubic meters, according to the report.

LNG supplies to Europe fell by 26% in July year-on-year to 6.34 mln tones hitting the lowest level since September 2021. The weaker LNG imports in Europe was attributed to lower gas consumption, high gas storage levels, stable pipeline gas imports, and a significant spot LNG price spread between Asia Pacific and Europe, the report said. LNG imports by Asian countries gained 14% to 23.4 mln tons. Overall in January-July 2024 Europe imported 60.63 mln tons of LNG (down by 21% compared with last year), while Asia imported 164.51 mln tons (up by 11%).

Global LNG exports went up by 1.1% in July year-on-year to 33.36 mln tons. Year-to-date global LNG exports increased by 1.1% to 239.41 mln tons.

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

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