HomeNewsRussian pipeline gas exports to EU up 24% y/y in January–June

Russian pipeline gas exports to EU up 24% y/y in January–June

7/16/2024

Russian natural gas exports via pipelines to the European Union countries have jumped by 24% in the first half of the year from the same period in 2023, according to a July report published by the Gas Exporting Countries Forum (GECF). The report did not provide the volumes.

Russia is a part of the GECF, sometimes dubbed the "gas OPEC," which accounts for more than two thirds of global natural gas reserves.

The GECF said pipeline gas imports by the EU from Russia and Azerbaijan have been higher in each month of 2024, compared with the corresponding months in 2023.

Russian pipeline gas exports plummeted to Europe to a post-Soviet low last year after Moscow's relations with the West reached its rock bottom since the 1962 Cuban Missile Crisis over the conflict in Ukraine.

Russia supplied a total of about 63.8 Bm3 of gas to Europe by various pipelines in 2022, according to Reuters calculations. The volume decreased further, by 55.6%, to 28.3 Bm3 last year. At their peak in 2018–2019, annual flows to the region reached between 175 Bm3 and 180 Bm3.

According to Reuters calculations, Russian energy giant Gazprom's average daily natural gas supplies to Europe jumped by almost 23% in June from a year earlier to 81.8 MMm3, rebounding from last year's post-Soviet lows, although they fell 8.6% from May.

Russian pipeline gas supplies have been closely watched in recent months as Moscow's five-year gas transit deal with Ukraine expires after Dec. 31.

While Russia has signaled it was willing to continue with the transit, Ukraine has said it would not renew the agreement with Moscow.

 

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