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Europe sees decrease in LNG supply growth pace

Oil&Gas Materials 16 February 2023 12:44 (UTC +04:00)
Europe sees decrease in LNG supply growth pace
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, Feb.16. Europe’s liquified natural gas imports rose by 5.7 percent in January 2023, as compared to the same period in 2022, standing at 12.15 Mt, however, the y-o-y pace of growth was down, Trend reports with reference to the Gas Exporting Countries Forum (GECF).

The decrease in the growth pace was due to less gas demand, lower-than-normal temperature and high gas inventories.

GECF notes that the increase in LNG supplies offset the decline in pipeline gas imports from Russia.

The drivers of the higher LNG imports were Belgium, Germany, Italy, Lithuania, Netherlands and Poland, while France, Portugal, Spain and the UK saw a decrease in supplies. The growth in LNG imports in Belgium and Netherlands is related to higher gas demand in Germany, which was seeking to offset the decreasing gas supplies from Russia. Boosted LNG imports to Italy was also due to the lower pipeline gas supplies from Russia, but also Algeria. It was the case in Lithuania and Poland, which also saw lower Russian pipeline gas supply.

France, Portugal, Spain and the UK have decreased LNG imports due to lower gas consumption.

“In January 2023, global LNG imports fell by 1.4 percent (0.51 Mt) y-o-y to 36.71 Mt, which is the first y-o-y decline since February 2021. Similarly, global LNG imports declined by 3.4 percent (1.29 Mt) m-o-m. The weaker y-o-y global imports was driven by lower LNG imports across all regions except Europe. Asia and Latin America and the Caribbean (LAC) accounted for the bulk decline in imports,” reads the report.

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