Nineteen % of pure fuel imported into the European Union within the first quarter got here from Russia, up two share factors from the earlier quarter and 4 share factors in opposition to the primary quarter of 2023, the European Fee has reported.
In comparison with the primary quarter of 2021, earlier than the Russia-Ukraine struggle broke out, the determine marks a fall of 30 share factors within the Russian share of EU fuel imports, in response to the Fee’s quarterly fuel market report.
The 27-member bloc imported 70 billion cubic meters (2.5 trillion cubic toes) of fuel in January–March 2024, a lower of 5 % quarter-on-quarter and one % year-on-year. Of the whole, pipeline fuel accounted for 59 % and liquefied pure fuel (LNG) 41 %.
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Russia accounted for 17 % of fuel imported by the EU by way of pipeline within the first quarter. Norway continued to be the EU’s high pipeline fuel provider with a share of 54 %, adopted by North Africa (18 %). Azerbaijan was the EU’s fourth largest pipeline fuel supply accounting for seven %.
For LNG, Russia accounted for 20 %, whereas america remained the EU’s largest supply accounting for 50 %. Qatar got here third accounting for 10 %.
France was the biggest importer within the first quarter accounting for 22 % of whole volumes, adopted by Spain (18 %) and the Netherlands (14 %).
LNG Growth
Whereas the EU’s LNG imports dropped 5 % quarter-on-quarter and 6 % year-on-year, there was a 91 % improve in comparison with 2021.
The EU might have to additional increase LNG imports in mild of the anticipated expiry of the Ukraine-Russia fuel transit deal on the finish of 2024, which might consequence within the EU needing to reroute or discover new sources for 7.2 Bcm (254.3 Bcf) of fuel, in response to Rystad Vitality.
Almost half of pipeline fuel volumes from Russia provided to the EU and Moldova are delivered by way of Ukraine, totaling 13.7 Bcm (483.8 Bcf) final yr, Rystad famous in an evaluation printed July 16.
The EU is in talks with Azerbaijan in its place route for Russian fuel, Rystad mentioned, noting different routes exist however have restricted export capacities.
Azerbaijan President Ilham Aliyev confirmed at a discussion board July 20, “We have been approached by Ukrainian authorities and the EU to facilitate in prolongation of this contract [transit deal]”.
Rystad fuel market analyst Christoph Halser mentioned, “With out Azerbaijan or one other third celebration transiting the fuel following a swap cope with Russia, the EU would require about 7.2 Bcm of fuel to be sourced from the LNG market”.
“Terminals in Poland, Germany, Lithuania and Italy may ahead these volumes to essentially the most affected counties, reminiscent of Slovakia and Austria”, Halser mentioned within the Rystad evaluation.
To contact the creator, e-mail jov.onsat@rigzone.com
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