BAKU, Azerbaijan, Nov.3
By Leman Zeynalova – Trend:
Azerbaijan exported 2.3 billion cubic meters of gas to Europe in the third quarter of 2021, Trend reports with reference to the Oxford Institute of Energy Studies (OIES).
“In terms of pipeline imports, supplies from Norway in Q3 2021 were 5.7 bcm higher than in Q3 2019, but similar to Q3 in 2017 and 2018. Imports from North Africa were 3.0 bcm higher than Q3 2019, while imports from Azerbaijan were 2.3 bcm. Again, the downside concerned imports from Russia, which were 8.6 bcm lower in Q3 2021 than in Q3 2019,” reads the OIES report.
In Q1-3 2021, total supply to the European market was 344 bcm, down from 349 bcm in the same period in 2019. Yet during Q1-3 2021, production, pipeline imports, and LNG imports were all lower than in the same period in 2019. The European market was effectively balanced by storage: both larger withdrawals in Q1 2021 and smaller injections in Q2-3 2021.
“The slight decline in production in 2021 compared to 2019 was again anticipated. Likewise, LNG imports were lower as cargoes were pulled away to the Asian market. The higher storage injections in Q3 2021 compared to Q3 2019 are explained by the fact that European storage stocks were much higher at the start of Q3 2019, and a smaller volume of injections was needed to prepare for winter. For comparison, the volume of European storage stocks at the end of Q3 2021 (77.4 bcm) was reached in early July 2019,” reads the report.
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