BAKU, Azerbaijan, March 19. In February 2024, the European Union (EU) imported 12.4 billion cubic meters (bcm) of Pipeline Natural Gas (PNG), marking a 7 percent decline compared to the previous month, Trend reports via the Gas Exporting Countries Forum (GECF).
However, this figure represented a 5 percent increase from the same period last year. Over the first two months of 2024, the bloc witnessed a total import of 25.7 bcm of PNG, reflecting a notable 6 percent year-on-year surge. This uptick was primarily fueled by a substantial 25 percent increase in supply from Russia, complemented by higher imports from Norway and Azerbaijan.
The volume of PNG imported in February 2024 hit its lowest point since September 2023, a period marked by supply interruptions attributed to extensive maintenance activities in Norway. Norway emerged as the primary contributor to the EU's PNG imports, accounting for 58 percent of the total volume after January and February 2024, followed by Russia at 18 percent and Algeria at 16 percent.
Since the fourth quarter of 2023, the year-on-year variation in PNG imports has been more subdued. Notably, monthly imports from Russia recorded consistent year-on-year increases during this period, while PNG imports from Norway experienced year-on-year growth in January and February 2024, following declines throughout 2023.
In February 2024, all supply routes witnessed decreases in PNG imports compared to January. Notably, there was a 5 percent decrease in supply delivered to Germany from Norway, amounting to 0.14 bcm, and an 18 percent decrease in supply to Poland, totaling 0.11 bcm. Conversely, supply via the Turkstream pipeline from Russia remained unchanged and accounted for 51 percent of its exports. Algeria directed 63 percent of its volumes to Italy, albeit with a 5 percent decline in month-on-month deliveries. Additionally, the UK exported 0.06 bcm of net PNG flows to the EU during the month.
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