BAKU, Azerbaijan, March 19. In February 2024, liquefied natural gas (LNG) imports into Europe witnessed a persistent decline for the eighth consecutive month, plunging by 12 percent (1.30 million metric tons) year-on-year to 10.00 million metric tons, Trend reports via the Gas Exporting Countries Forum (GECF).
This downturn was also evident when compared to February 2022 levels. The weakened LNG imports in Europe were primarily propelled by lower gas consumption and a substantial price premium of spot LNG in the Asia Pacific region compared to Europe.
France, Türkiye, and the UK emerged as key drivers behind the decline in Europe’s LNG imports, although this was partially offset by increased imports in Finland, Germany, Italy, and the Netherlands.
From January to February 2024, Europe’s LNG imports experienced a significant 10 percent year-on-year decline, totaling 21.08 million metric tons. In France, reduced gas consumption coupled with heightened pipeline gas imports from Norway contributed to the decline in LNG imports. Similarly, Türkiye witnessed a decrease in LNG imports due to a decline in gas consumption and an uptick in domestic gas production. Furthermore, the UK recorded lower LNG imports attributed to decreased gas consumption and a reduction in pipeline gas exports to mainland Europe.
Conversely, Finland saw a rise in LNG imports, driven by increased utilization of the Inkoo LNG facility, particularly by Estonia. Meanwhile, the upsurge in LNG imports in Germany and the Netherlands stemmed from higher imports facilitated by recently commissioned LNG import facilities in both countries.
Additionally, weaker pipeline gas imports from Algeria, Libya, Norway, and Russia were offset by Italy’s increased reliance on LNG imports.
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