MOSCOW, November 18. /TASS/. EU countries boosted gas consumption in October 2024 by 5.5% in annual terms amid an increase in demand in the industrial sector due to low prices. Meanwhile imports of pipeline gas in the EU last month hit the lowest level for October in the past five years, while total year-to-date supplies from Russia to Europe increased by 3 bln cubic meters (bcm), the Gas Exporting Countries Forum (GECF) reported.

Total gas consumption in the EU lost 2% in January-October 2024 year-on-year to 238 bln cubic meters.

"In October 2024, gas consumption in the EU saw a second consecutive year-on-year increase of 5.5%, reaching 23.5 bcm, following seven months of decline. This growth was mainly driven by the industrial sector, with a recovery in key industrialized European countries, supported by lower gas prices," the report said.

In particular, gas demand increased by 7% in October to 5.7 bln cubic meters in Germany, was flat at last year’s level of 4.4 bln cubic meters in Italy, rose by 3% to 2 bln cubic meters in France, fell by 4% to 2.2 bln cubic meters in Spain, and went up by 12% to 4.6 bln cubic meters in the UK.

Imports of pipeline gas to the EU amounted to 13.4 bln cubic meters in October, up by 24% month-on-month and down by 1% year-on-year, hitting the lowest level for this month in the past five years, according to the report. Overall, pipeline supplies to the EU added 3% in January-October 2024 to 130 bln cubic meters. The growth was due to an increase in supplies from Russia by 3 bcm, as well as from Norway by 3 bcm, the GECF said.

China’s total gas demand consumption grew by 12% in September year-on-year to 35.8 bln cubic meters, according to the report. China’s 9M gas demand added 9% to 319 bcm.

LNG supplies to Europe fell by 20% in October year-on-year to 7.54 mln tones. The contraction of LNG imports was due to high gas storage levels and an increase in pipeline imports. LNG imports by Asian countries gained 18% to around 24.28 mln tons. Overall in January-October 2024 Europe imported 81.31 mln tons of LNG (down by 20%), while Asia imported 235.73 mln tons (up by 11%).

Global LNG exports went up by 1.8% in October year-on-year to 34.62 mln tons, reaching the highest level since March 2024. Total year-to-date global LNG exports grew by 1.5% to 341.83 mln tons.

Among top three suppliers of liquefied gas in October were the US, Australia and Qatar, the GECF said, adding that Russia was the fourth with around 3 mln tons delivered.