In 2023, the United States maintained its position as the leading supplier of LNG to Europe, including the 27 member countries of the European Union and the United Kingdom, comprising nearly half of total European LNG imports, as highlighted by the Energy Information Administration (EIA).
It was also the third consecutive year for the American country, reaching 27% or 2.4 billion cubic feet per day (Bcf/d) of total European LNG imports in 2021; 44% (6.5 Bcf/d) in 2022; and reaching 48% (7.1 Bcf/d) in 2023.
Maintains its leadership as a major LNG supplier
However, the next countries on the list are Qatar and Russia, as the second and third largest suppliers, respectively. Qatar contributed 14% (2.0 Bcf/d), while Russia contributed 13% (1.8 Bcf/d) to Europe.
According to projections based on data from the International Group of Liquefied Natural Gas Importers (GIIGNL), it is expected that the import or regasification capacity of LNG In Europe to increase to 29.3 Bcf/d by 2024, a growth of more than one-third compared to 2021 figures.
In terms of regasification capacity, Germany leads the increase in Europe, with developers adding 1.8 Bcf/d in 2023 and with plans to add an additional 1.6 Bcf/d in 2024. During 2022 and 2023, other countries, such as the Netherlands, Spain, Italy, Finland and France, also expanded their regasification capacity, adding a combined total of 3.2 Bcf/d.
Historical records in European imports
Throughout 2023, European LNG imports remained at an average of 14.7 Bcf/d, a figure that did not experience significant variations compared to 2022, despite estimated regasification capacity additions of 4.2 Bcf/d.
This phenomenon is attributed to relatively mild winter weather in the northern hemisphere, which reduced heating demand and allowed Europe to conclude the winter heating season with record levels of natural gas in storage. LNG imports into Europe reached new record highs from June 2022 to April 2023, with peaks of up to 18.1 Bcf/d.
However, these imports decreased in subsequent months as storage inventories were at maximum capacity, international LNG prices remained at relatively high levelsThe company’s energy conservation measures achieved a significant reduction in natural gas consumption.
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Source: safety4sea.com
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