In Could 2024, European gasoline imports from Russia exceeded provides from the USA for the primary time in almost two years, regardless of the area’s efforts to maneuver away from Russian gas after full-scale invasion of Ukraine.
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After the beginning of the total Russian invasion of Ukraine, EU nations started to rapidly abandon Russian gasoline, changing it with LNG provides from the USA.
Already in September 2022, the USA handed Russia to grow to be the most important provider of gasoline in Europe.
Nonetheless, in Could 2024, Russian gasoline and LNG pipeline provides surpassed US imports for the primary time since 2022, accounting for 15% of complete provides to the EU and different European nations, and no US LNG provides make up solely 14% of the entire. complete portions.
Brief-term components have been stated to have affected robust Russian gasoline provides in Could, together with disruptions at a significant US LNG export facility, whereas Russia despatched extra gasoline by Turkey. starting of scheduled upkeep in June.
Gasoline demand in Europe stays comparatively weak, with gasoline storage ranges close to their highest degree for this time of yr.
From 2022, Russia has been supplying gasoline to Europe solely by a pipeline by Turkey and Ukraine. The transit settlement between Ukraine and Russia expires this yr, which is prone to cease flows by this route.
In response to Impartial Commodity Data Service (ICIS) spokesperson Marzek-Manser, the reversal is “unlikely to final lengthy” as Russia will be capable to ship LNG to Asia by way of the northern sea route in the summertime, which might scale back the quantity of provide. to Europe whereas LNG manufacturing within the US is rising once more.
Allow us to remind you:
DTEK ending the primary direct contract to produce American gasoline to scale back Russia’s vitality affect.
The settlement on the switch of Russian gasoline to the EU expires on the finish of this yr and European authorities officers lead negotiations with Ukraine on gasoline provides subsequent yr. One choice is to pump gasoline from Azerbaijan to Russian pipelines going to Europe.
Financial actuality
2024-06-16 12:03:00
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