In Europe, gas imports from Russia exceeded US supplies in May for the first time in almost two years, despite EU efforts to reduce dependence on Russian energy amid the war in Ukraine. The Financial Times writes about this. “It is amazing to see how the share of Russian gas and (liquefied natural gas. – Ed.) in the European market is growing after everything we have been through and all the efforts made to move away from (purchasing gas from the Russian Federation . – Ed.) and reduce risks in the field of energy supplies,” FT quotes Tom Marzek-Manser, head of the gas analytics department of the consulting company ICIS. After the start of the full-scale Russian invasion of Ukraine in February 2022 and Moscow's reduction in gas supplies to Europe via pipeline, the region relied on LNG. The USA became its main supplier, the authors remind. According to the FT, in September 2022, the United States overtook Russia in terms of gas supplies to Europe. Since 2023, America has accounted for about a fifth of all European purchases. Meanwhile, according to ICIS statistics, in May 2024, gas supplied from Russia via pipeline and LNG accounted for a total of 15% of total gas supplies to the EU countries, the UK, Switzerland, Serbia, Bosnia and Herzegovina and the Republic of North Macedonia. At the same time, the level of LNG supplies from the United States to the same countries amounted to 14% in May. “Supplies in May were affected by situational factors, including an accident at a major LNG export facility in the United States and Russia pumping more gas through Turkey ahead of planned maintenance work in June,” the publication explains. According to the FT, demand for gas in Europe remains relatively weak, and the volume of stocks in storage facilities is at a record high for this time of year. The current situation, however, will not drag on, Marzek-Manser believes. After all, in the summer Russia will be able to begin supplying LNG to Asia via the Northern Sea Route, and this will most likely lead to a reduction in supply volumes to Europe. On the other hand, US LNG production levels are expected to rise again.
