This is shocking. The EU is buying record volumes of Russian LNG
news.online.ua
Sat, 21 Dec 2024 16:12:49 +0200
Russian LNG dominates the European marketAccording to journalists, as of midDecember, Europe imported a record 16.5 million tons of Russian liquefied gas.What is important to understand is that last year it was about 15.18 million tons.These indicators have already been commented on by Ana Maria YallerMakarevich, an analyst at the Institute of Energy Economics and Financial Analysis.
What we have seen this year is shocking.
Instead of gradually reducing imports of Russian LNG, we are increasing it, the expert was indignant.
De facto, this means that EU members cannot achieve one of their main goals.Despite this, interestingly, imports of Russian gas to the EU via pipelines have been reduced to a minimum.
Imports of Russian LNG are still allowed and growing, suggesting that a panicking Europe is still trying to wean itself off cheap supplies, YallerMakarevich noted.
Why Europe still hasnt been able to abandon Russian LNGThe first thing is that LNG supplied from the Russian terminal in Yamal to Europe is much cheaper than gas coming from the United States.In the past, the EU imported about twofifths of its gas from Russia, most of which came via pipelines.However, as of today, total gas imports from Russia, including pipeline gas, account for only about 16 of total gas supplies to the EU.
EU officials are adamant that the bloc does not need Russian fuel, even if it means agreeing to higher prices to buy gas elsewhere.
But Russian LNG has accounted for 20 of the EUs total seaborne fuel imports this year, up from 15 last year, according to shiptracking data.
Experts point out that not all Russian LNG brought to Europe is consumed in the region.Some of it is transshipped and sent to other parts of the world.
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