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Chart of the Day: EU Dependence on Russian Gas Increased in 2024!
Summary
In 2024, LNG represented 41.4% of the EU's total gas imports, down from 46.6% in 2023 and up from 36% in 2022. Natural gas imports via pipelines represented 58.6% of total gas imports. Norway supplied 31.8% of the EU's gas, making it the top supplier, while Russia (including LNG) held an 18.7% share, slightly above the US (18.2%) and Algeria (14.9%)
EOA’s Main Takeaway
The European Union's LNG imports declined by 15% in 2024, from 99.6 million tons in 2023 to 84.6 million tons. Recessions, low economic growth, and a mild winter reduced the demand for natural gas, leading to lower LNG imports.
France was the largest importer with 18.5 mt, followed by the Netherlands (13.8 million tons), Spain (13.7 mt), Italy (10.7 mt), and Belgium (7.9 mt).
Germany imported 4.6 mt. Some European markets import LNG not only for domestic use but also to supply land-locked markets like Austria via interconnection pipelines or the case of France supplying Germany.
Despite a 17.1% decrease in US LNG exports to the EU, the US remained the top LNG supplier, accounting for 42.9% of seaborne LNG cargoes. Russia increased its LNG exports by 14.9%, making up 20.8% of EU LNG imports, solidifying its position as the second largest supplier.