According to the Gas Exporting Countries Forum (GECF), liquefied natural gas purchases in the region fell 26% month-on-month to 6.34 million tonnes in July, the lowest level since September 2021. This is what it says RBC referring to the organization’s report.
“The decline in LNG imports to Europe was driven by lower gas consumption, high stock levels, stable pipeline gas imports and a significant LNG spot price differential between Asia-Pacific and Europe,” the GECF report explains.
At the same time, gas supplies to the region via pipelines are also increasing. In January-July, Europe imported 93 billion m³ of gas, 5% more than in the same period in 2023. The main drivers of growth were Russia (exports up 3.1 billion m³), Norway (+1.4 billion m³) and Azerbaijan (+0.7 billion m³).
“In 2024, supplies from Russia and Azerbaijan are growing monthly. In seven months, exports from Russia to the European market via the Turkish Stream increased by 44 percent and by 24 percent via the Ukrainian route.”
Last week, the International Energy Agency reported He said that global oil supply increased by 230,000 barrels per day to 103.4 million barrels per day in July. This was made possible by increased supply from OPEC+ countries such as Iraq and Saudi Arabia. Oil supply is expected to continue to increase in 2024.
Earlier Ukrainian attack on Kursk anxious European traders.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.