Thursday, 25 July 2024

For the first time in two years, Russia overtakes America as a gas supplier to Europe


Europe’s Russian gas imports exceeded supplies from the United States for the first time in nearly two years last May, despite efforts by the region to wean itself off Russian fuel since the outbreak of the Russia-Ukraine war in February 2022.

While one-off factors led to this decline, it highlights the difficulty of reducing Europe’s dependence on gas from Russia, as many Eastern European countries remain dependent on imports from their neighbour.

“It’s surprising to see the market share of Russian gas and [liquefied natural gas] being a little bit higher in Europe after everything we’ve been through, and all the efforts to de-risk energy supplies,” said Tom Marzek Manser, head of gas analytics at consultancy ICIS. According to the Financial Times.

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Following the outbreak of the Russia-Ukraine war, Moscow reduced gas supplies via pipelines to Europe and the region ramped up its imports of liquefied natural gas, shipped on specialized ships from the United States as a major supplier.

The United States overtook Russia as a gas supplier to Europe in September 2022, and since 2023 has accounted for about a fifth of supplies coming to Europe.