LNG imports increased sharply in Europe in 2022

Most of the LNG imported last year came from the United States (+143% compared to 2021), Qatar (+23%) but also Russia (+12%), according to the think tank IEEFA ( Institute for Energy Economics and Financial Analysis).

France is the main importer of Russian LNG in Europe, according to the report. Together, France, Belgium, the Netherlands and Spain show a 55% increase in their imports compared to 2021.

“While deliveries of Russian natural gas to the European Union (EU) decreased in 2022, some countries continued to import Russian LNG, acting against the common goal of ensuring energy security and ending dependence on Russian resources," the IEEFA said.

Other countries such as Croatia, Lithuania, Portugal, Sweden and Great Britain have sharply reduced their imports of Russian LNG in 2022.

The import of gas intended for the production of electricity increased considerably in Europe last year, to compensate "a lack of rain which reduced the hydroelectric production in the countries of the EU" or even "the breakdowns in the nuclear power plants in France", underlines the report.

While France is the leading European importer of Russian and American LNG, Great Britain is Qatar's number one customer.

In total, the European Union imported 155 billion m3 of LNG in 2022. According to estimates by the International Energy Agency (IEA), the EU's total gas consumption could reach 360 billion m3. m2022 in 2021, significantly less than in 412 - 3 billion mXNUMX.

In December, the IEA warned that in the event of a total stoppage of Russian gas deliveries and without efforts to reduce its needs, the EU could run out of gas in the winter of 2023/2024.

There are also fears regarding competition for LNG cargoes between Europe and Asia: Beijing's demand could pick up again due to a rebound in the Chinese economy. In addition, if temperatures are harsher next winter in Europe, needs could be greater and gas could run out.