BAKU, Azerbaijan, June 14. In May 2024, Europe experienced a significant 28 percent year-on-year decrease in liquefied natural gas (LNG) imports, marking the 11th consecutive month of decline compared to the previous year, Trend reports with reference to the Gas Exporting Countries Forum (GECF).
The decline, totaling 3.15 million metric tons (Mt), was attributed to several factors including reduced gas consumption, high levels of gas storage, increased pipeline gas imports from Norway, and higher LNG prices in the Asia Pacific region, diverting LNG supply away from Europe.
Key countries driving the decline in European LNG imports included Belgium, France, Lithuania, the Netherlands, Spain, Turkey, and the UK. From January to May 2024, European LNG imports plummeted by 19% year-on-year to 47.22 Mt. Belgium's decrease was influenced by lower gas consumption, reduced pipeline gas exports to Germany and the Netherlands, and ample gas storage. Similarly, France saw declines due to decreased pipeline gas exports to Germany and Switzerland, lower gas consumption, increased gas storage, and higher pipeline gas imports from Norway.
Maintenance activities at Lithuania's Independence FSRU contributed to a sharp drop in LNG imports there. In the Netherlands, increased pipeline gas imports from Norway and decreased exports to Germany were factors in the reduced LNG imports. Spain's decline was attributed to maintenance at regasification terminals in Bilbao, Cartagena, and Huelva, alongside lower gas consumption and higher pipeline gas imports from Algeria. Turkey's lower LNG imports stemmed mainly from reduced imports from the US, while the UK saw declines due to increased pipeline gas imports from Norway, reduced gas consumption, and decreased exports to mainland Europe.
Globally, LNG imports fell by 3.9 percent year-on-year in May 2024, totaling 33.06 Mt, also reflecting decreases compared to May 2023 and 2022. Europe and Latin America and the Caribbean (LAC) led the global decline in LNG imports, partially offset by higher imports in the Asia Pacific and Middle East-North Africa (MENA) regions. From January to May 2024, global LNG imports increased marginally by 1.2 percent year-on-year to 174.96 Mt.
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