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Europe’s fuel imports from Russia exceeded provides from the US for the primary time in nearly two years in Could.

This, regardless of the area’s efforts to divest itself of Russian fossil fuels for the reason that full-scale invasion of Ukraine.

Whereas a succession of things drove the change, it highlights the problem of additional decreasing Europe’s fuel dependence on Russia, with some Jap European nations nonetheless counting on imports from their neighbours.

“It is stunning to see the market share of Russian fuel and liquefied pure fuel increased in Europe after every little thing we have been by means of and all of the efforts made to de-risk and de-risk the power provide,” mentioned Tom Marzec-Manser. , head of fuel analytics at consultancy ICIS.

After Russia’s full-scale invasion of Ukraine in February 2022, Moscow minimize fuel provides to Europe and the area elevated imports of LNG, which is transported in specialised vessels with the US as a serious supplier.

The US overtook Russia as Europe’s fuel provider in September 2022, and as of 2023 has accounted for a couple of fifth of the area’s provide.

However final month, fuel and LNG shipments through Russian pipelines accounted for 15 % of complete provides to the EU, UK, Switzerland, Serbia, Bosnia and Herzegovina and North Macedonia, in accordance with knowledge from ICIS.

LNG from the US accounted for 14 % of provide within the area, its lowest stage since August 2022, ICIS knowledge confirmed.

The reversal comes amid a normal enhance in European imports of Russian LNG, regardless of some EU nations pushing to impose sanctions on them.

Russia in mid-2022 stopped sending fuel by means of pipelines connecting it to northwestern Europe, however continues to offer provides through pipelines by means of Ukraine and Turkey.

Flows in Could have been affected by one-time elements, together with an outage at a serious LNG export facility within the US, whereas Russia despatched extra fuel by means of Turkey forward of scheduled upkeep in June.

Gasoline demand in Europe additionally stays comparatively weak, with storage ranges close to report ranges for this time of yr.

The transit settlement between Ukraine and Russia additionally expires this yr, placing flows by means of the route in danger.

The European Fee is supporting efforts to create an funding plan to increase pipeline capability within the Southern Gasoline Hall between the EU and Azerbaijan.

EU Vitality Commissioner Kadri Simson mentioned she had raised issues concerning the diversion of LNG from Europe to satisfy demand in Asia on a visit to Japan this month.

Based on her, Tokyo and Brussels had created an “early warning system” to watch LNG shortages and had agreed that each ought to comply with energy-saving measures.

“The EU is ready to forestall any destructive provide or demand occasions in international fuel markets.”

“Our fuel storage stays at report excessive ranges and our fuel demand stabilized at report low ranges, 20 % under 2021.”

Taken from “Monetary Occasions”, tailored for “Albanian Put up”.

Downloading and publishing texts from Albanian Put up shouldn’t be allowed with out mentioning the supply. Thanks for respecting the ethics of the journalistic occupation.


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