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Embargo on Russian LNG may affect European storage fill agenda - OIES

Economy Materials 16 May 2022 17:38 (UTC +04:00)
Embargo on Russian LNG may affect European storage fill agenda - OIES
Maryana Ahmadova
Maryana Ahmadova
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BAKU, Azerbaijan, May 16. Currently, European LNG storage stocks are just over 5 billion cubic meters higher year-on-year, which allows supposing that Europe will be able to meet its target of 80-percent full capacity by November 2022, the experts of the Oxford Institute for Energy Studies (OIES) anticipate, Trend reports via the Institute.

However, the experts noted that this will only be possible if LNG imports remain sustained, and the Russian proposal for payment in rubles does not result in a dispute that leads to further cut-offs in supply from the country.

Meanwhile, physical flow of Russian gas to Europe declined of Russian gas flows to Europe - from around 360 million cubic meters in March to about 245 million cubic meters per day at the end of April 2022. This has recovered over the past week - 300 million cubic meters per day since May 2. This is still 125 million cubic meters down year-on-year.

On the supply side, the expert noted that Russian pipeline supply to Europe has risen over the past week, despite the cut-off in supply to Poland and Bulgaria on April 27.

Elsewhere, the picture is less dynamic on other pipelines. Gas imports from North Africa (100 million cubic meter per day coming to Italy and Spain), and Azerbaijan (30 million cubic meters coming to Greece via Turkey) remain flat.

Meanwhile, flows from Norway remain higher from those from Russia, having reversed the relative decline seen in April. Currently, Norway is the largest gas supplier to Europe with 320 million cubic meters per day, which is 25 million cubic meters higher that Russian flows.

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