EU member states agreed to continue cutting their gas demand by 15% compared to the five-year average until Mar. 31, 2024. The emergency legislation started applying in August 2022 to help the bloc refill its gas stocks and mitigate its unprecedented gas shortage following the Russian pipeline supply cuts.
Three out of the four LNG import terminals in France are offline for a week amid a national strike affecting multiple sectors in the country. The terminals affected represent over 60% of the French LNG import capacity. LNG is essential for the security of supply of France and its regional neighbors.
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Germany’s third LNG import terminal completed its first commercial delivery on Feb. 16. The country is fast-tracking the launch of several floating terminals between this winter and the next to help replace the lost Russian pipeline supplies as fast as possible but these new capacities alone will not be enough.
The share of global LNG in the European Union’s gas import mix rose to unprecedented levels in 2022 as the bloc increasingly relies on LNG to replace most of the lost Russian pipeline supplies.
Australia's refined product imports have surged in the first nine months of the year, as our flow data show. However, as the region becomes increasingly import reliant, and trade flows change, we would not be surprised to see the region competing for volumes to ensure its energy needs are met.
European security of gas supply is a topic that won't be going away any time soon. In this article, we discuss the latest proposals by the European Commission to introduce a 80% gas storage target by 1 November and Friday's deal between US and the Europe Union to increase LNG supplies by 15 bcm this year.
European Gasoil imports have fallen to an 11-month low, despite this being the peak demand season. A mild winter in most of the region has combined with faltering demand recovery, meaning just 7.5 million tonnes were imported in January 2022.
