BAKU, Azerbaijan, June 14. In May 2024, the European Union reported relatively stable PNG imports, recording 13.6 billion cubic meters (bcm), marking a modest 2 percent month-on-month increase and a notable 9% rise compared to the same period last year, Trend reports.
These insights come from the latest data released by the Gas Exporting Countries Forum (GECF).
From January to May 2024, total PNG imports by the EU reached 67 bcm, reflecting a 5% increase compared to the corresponding period in 2023
Russia continued to play a pivotal role in driving the overall increase in natural gas supply to the EU, accounting for a 24 percent rise in PNG deliveries to the region compared to the previous year. Azerbaijan also contributed to the upward trend with a 9 percent increase in flows compared to 2023.
While Russia and Algeria have expanded their PNG exports in recent months, Norway's supply to the EU fluctuated due to maintenance activities. Over the first five months of 2024, Norway remained the largest supplier of PNG to the EU, accounting for 55 percent of imports, followed by Algeria at 19 percent and Russia at 18 percent.
During May 2024, Russian PNG supply via Turkstream surged by 18 percent month-on-month, while transit through Ukraine increased by 6 percent. Norway's deliveries to the Netherlands and Poland saw gains of 18 percent and 15 percent, respectively, but flows to Germany decreased by 10 percent month-on-month. Algerian exports via Italy declined by 6 percent, despite representing 71 percent of the country's total PNG exports for the month. Meanwhile, net PNG flows from the UK saw a significant increase, rising by 118 percent month-on-month to reach 0.8 bcm.
Looking at year-on-year comparisons, Russian supply via Turkstream saw a substantial 53 percent increase, while transit through Ukraine rose by 25 percent. Additionally, Algeria boosted supply through the Medgaz pipeline to Spain by 16%. Conversely, PNG flows from the UK into the EU plummeted by 82 percent compared to 2023.
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