European gas consumption fell in 2023 to its lowest level in ten years, but the continent remains a major importer of Russian liquefied natural gas (LNG). These are the conclusions of a study by the international think tank IEEFA (Institute of Energy Economics and Financial Analysis) published this Wednesday, February 21.
More precisely, it fell to 452 billion cubic meters, below 2014 consumption (472 billion cubic meters), according to the study.
A 20% drop
In the two years that followed the start of the Russian offensive in Ukraine, European demand “fell by 20%.” Europe sought to adapt after hydrocarbon shipments through Russian pipelines were shut down and turned more to LNG, transported by ship.
In value terms, LNG sales to Europe for 2022 and 2023 amounted to more than 170 billion euros.
In these two years, if the continent imported American LNG first (for 75.15 billion euros), Russia came in second place (23.84 billion euros), followed closely by Qatar (23.80 billion euros). euros).
In volume, LNG sales “remained stable from one year to the next” between 2022 and 2023, highlights the IEEFA.
+11% in Russian LNG deliveries
From Russia, LNG deliveries to Europe increased by 11% between 2021 and 2023. They doubled to Spain and tripled to Belgium. France, despite a 35% decline in its Russian LNG imports over the past year, remained the second largest importer of Russian LNG in the Old Continent.
Two years after the start of the Russian offensive in Ukraine, “the European energy system is more diversified and resilient,” says Ana-Maria Jaller-Makarewicz, an IEEFA analyst. She highlights that the adaptation efforts of European countries have allowed the continent to “continue to reduce its demand for gas.”
Consequence: global demand for LNG, whose price skyrocketed after the outbreak of the war in Ukraine, could reach a “peak” as early as 2025, estimates the IEEFA.
The organization highlights that, despite this, the European continent continues to increase its LNG storage capacities.
The utilization rate of EU LNG import terminals averaged 58.52% in 2023, according to IEEFA, compared to 62.94% in 2022.
Source: BFM TV
