BAKU, Azerbaijan, November 4. Russia’s gas supplies to the EU are expected to decrease by over 55 percent, or 80 billion cubic meters (bcm), in 2022, exerting unprecedented pressure on both European and global gas markets, the International Energy Agency (IEA) said, Trend reports via the latest publication from the IEA.
“Russia’s pipeline gas deliveries to the EU halved in the first ten months of 2022 compared with last year’s levels. The decline in absolute terms was 60 bcm, the equivalent of over 10 percent of the global LNG trade. The steep decline in Russian gas supplies coincided with multi-year lows in European hydro and nuclear power output (down by 20 percent and 16 percent year-on-year, respectively), putting huge pressure on European gas markets,” the report said.
At the same time, although Russian gas supplies to the EU were critically low, for most of the first half of the year they were close to the “normal” levels, the IEA noted.
According to the forecast, it is extremely unlikely that Russia will deliver another 60 bcm of pipeline gas to Europe in 2023.
“If supply remains at current levels, then Russian pipeline supply would be around 25 bcm in 2023. It is also entirely possible that Russian deliveries could fall further - or cease entirely,” the IEA said.
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